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VEGOILS-Palm oil ends lower as market awaits export and production data

Malaysian palm oil futures closed down on Tuesday, snapping previous session gains, as the market is awaiting Malaysia's palm oil export and production efficiency for additional cues.

The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange dropped 54 ringgit, or 1.40%, to 3,814 ringgit ($ 808.56) a metric load on the closing.

The futures were seen trading slightly higher on the back of a bullish momentum rival oils futures in Asian hours. The market is now focussed on May 1-15 palm oil export and production performance, stated Anilkumar Bagani, product research study head at Mumbai-based Sunvin Group.

Dalian's most-active soyoil contract increased 1.23%,. while its palm oil contract gained 1.60%. Soyoil costs. on the Chicago Board of Trade decreased 3.06%.

Palm oil is impacted by cost movements in associated oils as. they compete for a share in the worldwide veggie oils market.

India's palm oil imports increased to their greatest level in. three months in April as lower costs drew purchasers, a leading. trade body stated on Tuesday. It rose 40.9% in April from the. previous month to stand at 684,094 metric heaps.

U.S. soybeans were 35% planted, compared with the five-year. average of 34% and analysts' estimates of 39%.

Freight property surveyor Societe Generale de Surveillance (SGS). approximated exports of Malaysian palm oil products for May 1-10 at. 263,369 metric tons, according to LSEG.

Oil rates were bit changed on Tuesday as financiers eyed. fresh motorists, consisting of approaching U.S. inflation indications and. a regular monthly report from the Company of the Petroleum. Exporting Countries this week.

Stronger crude oil futures make palm a more attractive. choice for biodiesel feedstock.