SINGAPORE/ JAKARTA, June 15 (Reuters) - Malaysian palm oil
futures jumped more than 6% on Tuesday, snapping a six-days
lossing streak, supported by bargain buying and stronger soyoil
prices on the Chicago Board of Trade (CBOT).
The benchmark palm oil contract for August delivery
on the Bursa Malaysia Derivatives Exchange closed 6.2% higher at
3,583 ringgit ($870.72) a tonne, after hitting a more than four-
month low on Monday.
"Soybean oil moved up on bargain buying, pushing prices
higher. At the moment, crude palm oil closely following soybean
oil," a Kuala Lumpur-based trader told Reuters.
CBOT soybean futures reversed previous losses, with its
soyoil contract rising 1.3%.
Soybean oil and palm oil prices on the
Dalian Commodity Exchange fell 5.04% and 6.35%, respectively.
Palm oil is affected by price movements in related oils, as
they compete for a share in the global vegetable oils market.
($1 = 4.1150 ringgit)
(Reporting by Fathin Ungku, Bernadette Christina Munthe;
Editing by Shailesh Kuber and Rashmi Aich)