JAKARTA: Malaysian palm oil futures traded sideways on Monday, following rival vegetable oils, while the market awaits Malaysian Palm Oil Board (MPOB) data and export figures.

The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange gained 1 ringgit, or 0.02%, to 4,869 ringgit ($1,116.74) a metric ton during the midday break.

“The futures seem to be following Dalian palm oils support. We will establish our lead once the MPOB and export data are out. For the time being it should be tracking leads from rival oils,” a Kuala Lumpur-based trader said.

Dalian’s most-active soyoil contract rose 1.43%, while its palm oil contract gained 0.98%. Soyoil prices on the Chicago Board of Trade were up 0.11%.

Palm oil tracks price movements of rival edible oils as it competes for a share in the global vegetable oils market.

Palm closes 3% higher, hits highest level in almost two and a half years

Oil prices extended gains on Monday, rising more than $1 on a decision by OPEC+ to delay by a month plans to increase output, while the market braced for a week that spans a U.S. presidential election and a key meeting in China.

Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.

The ringgit, palm’s currency of trade, strengthened 0.34% against the U.S. dollar, making the commodity more expensive for buyers holding foreign currencies.

Cargo surveyors estimate exports of Malaysian palm oil products rose between 11.5% and 13.7% in October, compared with a month earlier.

Indonesia raised its crude palm oil reference price for November to $961.97 per metric ton from $893.64 in October, a trade ministry official told Reuters. The new price will put the export tax for November at $124 per ton.

Palm oil may surge into the 4,936-5,023 ringgit per metric ton range, driven by a powerful wave C, Reuters’ technical analyst Wang Tao said.