JAKARTA: Malaysian palm oil futures climbed on Wednesday, snapped a seven-session losing streak, with prices underpinned by a recovery in Chicago soyoil.

The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange gained 44 ringgit, or 1.19%, to 3,727 ringgit ($796.88) per metric ton.

“Bursa Malaysia Derivative crude palm oil futures opened marginally higher, tracking spread adjustment against rival oilseeds,” said a Kuala Lumpur-based trader.

Palm down on rising stocks, falling exports

Dalian’s most-active soyoil contract was down 1.31%, while its palm oil contract declined 1.05%. Soyoil prices on the Chicago Board of Trade were up 0.95%.

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

Cargo surveyor Intertek Testing Services said on Sunday exports of Malaysian palm oil products for Sept. 1-10 fell by 11.2% from a month earlier, while independent inspection company AmSpec Agri Malaysia estimated the drop to be 20.4%.

European Union palm oil imports for 2023/24 stood at 634,515 tons by Sept 8, lower than 736,716 tons shipped a year earlier.

Malaysia’s palm oil stockpiles stood at 2.12 million tons at the end of August, rising 22.5% from the previous month to a seven-month high as output increased and exports slowed, data from the Malaysian Palm Oil Board showed on Monday.

Palm oil may test a support at 3,650 ringgit per metric ton, a break below which could open the way towards 3,521-3,595 ringgit range.