21.03.2018 (The Edge Markets MY) - KUALA LUMPUR (March 21): Malaysian palm oil futures rose for a third consecutive session on Wednesday evening, reversing losses seen in early trade, as news that Indonesia had won an appeal against the European Union in a trade dispute over biodiesel lifted the market.

The EU's highest court ruled that the bloc must eliminate anti-dumping duties on imports of Indonesian biodiesel products. Indonesia is one of the world's largest exporters of palm oil-based biodiesel. The tropical oil is used as feedstock to make the fuel substitute.

The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange rose 0.5% to RM2,448 (US$623.85) a tonne at the close.

Trading volumes stood at 62,284 lots of 25 tonnes each at the end of the trading day.

"News on Indonesian biodiesel lifted the market, while buyers may also want to buy now before the export tax on crude palm oil kicks in," said a palm oil futures trader in Singapore.

Malaysia in early January suspended its export tax on crude palm oil for three months to increase demand and boost prices, as it expected stockpiles to grow in 2018.

The export tax suspension will end on April 7.

Exports of Malaysian palm oil products for March 1-20 rose 15.3% to 913,091 tonnes from the 791,992 tonnes shipped during Feb 1-20, AmSpec Agri Malaysia said on Tuesday.

Cargo surveyor Societe Generale de Surveillance reported that exports in the same period rose 13.6% as shipments to China, Pakistan and India improved.

In other related oils, the Chicago Board of Trade's May soybean oil contract fell 0.03%, while the May soybean oil on China's Dalian Commodity Exchange fell 0.3%.

The Dalian May palm oil contract rose 0.4%.

Palm oil prices are affected by movements in rival edible oils as they compete in the global vegetable oils market.   

Palm, soy and crude oil prices as of 1111 GMT

Contract	Month	Last	Change	Low	High	Volume
MY PALM OIL	APR8	2461	+9.00	2447	2461	433
MY PALM OIL	MAY8	2460	+14.00	2432	2460	12654
MY PALM OIL	JUN8	2446	+13.00	2420	2450	24627
CHINA PALM OLEIN	MAY8	5114	+22.00	5088	5166	299406
CHINA SOYOIL	MAY8	5628	-16.00	5626	5682	208280
CBOT SOY OIL	MAY8	31.73	-0.01	31.62	31.87	7867
INDIA PALM OIL	MAR8	644.50	-0.70	638.60	646.5	777
INDIA SOYOIL	APR8	783.6	-0.20	779.3	784.6	14410
NYMEX CRUDE	MAY8	64.12	+0.58	63.58	64.25	113352

Palm oil prices in Malaysian ringgit per tonne
CBOT soy oil in US cents per pound
Dalian soy oil and RBD palm olein in Chinese yuan per tonne
India soy oil in Indian rupee per 10 kg
Crude in US dollars per barrel

(US$1 = RM3.9240)
(US$1 = 65.2075 Indian rupees)
(US$1 = 6.3275 Chinese yuan)