SINGAPORE: Malaysian palm oil futures rebounded on Wednesday, having been in retreat for three sessions, tracking costlier soyoil on the Chicago Board of Trade (CBOT) as the ringgit extended losses.

The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange rose 57 ringgit, or 1.2%, to 4,909 ringgit ($1,166.31).

The ringgit was down 0.3% against the dollar, making the edible oil more attractive for holders of foreign currency.

Palm extends losses on weaker rivals, crude oil

CBOT soyben oil, meanwhile, rose for a third session, gaining 0.5%.

Rivals on the Dalian came off earlier lows, with the most active soyoil contract down 0.7% and its palm oil contract falling by 1.5%.

Palm oil is affected by price movements in related oils that compete in the global vegetable oils market.