Palm oil had previously seen three consecutive sessions of losses, though it was up 0.6% last week. "The market was aided mainly by US soyaoil and good exports," said a Kuala Lumpur-based trader, referring to Malaysian palm oil shipment data from cargo surveyors on Tuesday. Malaysian palm oil exports rose 8.7% between August 1-20 versus the corresponding period last month, reported Intertek Testing Services.
Meanwhile, another surveyor AmSpec Agri Malaysia said shipments rose 13% in the same period. In other related oils, US soyaoil futures on the Chicago Board of Trade were last up 0.7%, in line with gains in soyabean prices. US grains saw some gains on Tuesday, recouping some of the previous session's heavy losses, as a US crop tour forecast below-average yields after a wet spring delayed plantings.
Meanwhile, the September soyaoil contract on the Dalian exchange was last up 0.2% on Tuesday, while the Dalian September palm oil contract rose 0.8%. Palm oil prices are affected by movements in related oils that compete in the global vegetable oils market.