KUALA LUMPUR- Malaysian palm oil futures climbed 2% on Tuesday, snapping a three-day decline, as stronger rival soyoil and crude outweighed bearish Malaysian Palm Oil Board data.

The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange closed higher 74 ringgit, or 2.03%, to 3,724 ringgit ($900.82) a tonne, after falling 3% in the previous session.

Malaysia's end-March palm oil stocks jumped more than expected to a four-month high, boosted by higher imports and production, but higher exports kept domestic supply in check, the Malaysian Palm Oil Board reported on Monday.

April production will continue to grow 11% month-on-month and exports are expected to rise 18% due to the upcoming Eid festival and potential stockpiling in China and India, Adrian Kok, equity analyst at Kenanga Investment Bank said in a note.

"We expect total supply to outstrip total demand leading to higher ending stocks of 1.53 million tonnes," he added.

On Monday, Refinitiv Agriculture Research said the contract would trend lower to test support levels of 3,540-3,560 ringgit a tonne this week, with resistance levels at 3,780-3,800 ringgit amid high volatility. 

The weakness is mainly due to higher crop output and rising inventories in Malaysia, lower soybean futures because of higher-than-expected global inventory estimates, and bearish news from the biodiesel market, Refinitiv said.

Oil prices rose after strong Chinese import data, making palm a more attractive option for biodiesel feedstock. 

Dalian's most-active soyoil contract gained 0.4%, while its palm oil contract declined 0.3%. Soyoil prices on the Chicago Board of Trade were up 1.8%.

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

($1 = 4.1340 ringgit)

(Reporting by Mei Mei Chu; Editing by Subhranshu Sahu, Rashmi Aich and Amy Caren Daniel) ((Meifong.chu@thomsonreuters.com))