NEW DELHI – Malaysian palm oil futures rose on Tuesday, snapping three consecutive sessions of losses, supported by the prospect of lower inventories but higher premiums capped gains.
The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange rose RM16, or 0.37 per cent, to RM4,311 (US$908.19) a metric tonne in early trade.
Malaysia’s palm oil inventories are likely to have declined 6.65 per cent from the prior month to an eight-month low of 1.79 million tons at the end of March, a Reuters survey showed on Thursday.
The Malaysian Palm Oil Board (MPOB) is scheduled to release the data on April 15.
Palm is…