KUALA LUMPUR- Malaysian palm oil futures on Tuesday rose for a fifth straight day to close at a 10-year high, as it tracked a rally in crude and soyoil futures.
The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange closed up 40 ringgit, or 1.03%, to 3,918 ringgit ($952.13) a tonne, its highest since Feb. 14, 2011.
Palm is rising on continued strength in soyoil, but its rise is lagging those of its rivals because of weaker fundamentals, a Kuala Lumpur-based trader said.
Traders are awaiting official February supply and demand data, as well as cargo surveyor export data due on Wednesday.
A Reuters survey last week pegged end-February stockpile to rise 7% to 1.42 million tonnes amid higher output and stagnant exports.
India's palm oil imports are set to rebound in March and April to meet rising demand from hotels and restaurants, as lower shipments last month have depleted stocks, according to industry participants.
Dalian's most-active soyoil contract rose 0.7%, while its palm oil contract fell 1.6%. Soyoil prices on the Chicago Board of Trade were up 1.3%.
The gains in soyoil were underpinned by concerns over supply as agribusiness consultancy AgRural said on Monday that Brazilian farmers reaped less soybeans than expected from fields last week as rains continued to disrupt the work of harvesters.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
Oil prices rose towards $69 a barrel as investors focused on prospects for tighter supply due to extended OPEC+ output curbs, making palm a more attractive option for biodiesel feedstock.
($1 = 4.1150 ringgit)
(Reporting by Mei Mei Chu; Editing by Aditya Soni and Shailesh Kuber) ((Meifong.email@example.com))