SINGAPORE, June 15 (Reuters) - Malaysian palm oil futures rose 2% on Tuesday after six days of consecutive losses, as traders bought oversold contracts, although gains were capped by cheaper rival oils.
The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange rose 68 ringgit, or 2%, to 3,443 ringgit ($837.51) a tonne. The contract dropped 7.8% to its lowest in more than four months on Monday.
Capping gains, however, were cheaper rival oils on the Chicago Board of Trade (CBOT) and the Dalian Commodity Exchange.
CBOT soybean futures lost more ground on Tuesday, setting it for a fifth straight decline.
Soybean oil and palm oil on the Dalian fell 6.1% and 7.6%, respectively.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
Palm oil may extend its loss to a support at 3,195 ringgit per tonne, around which it may pause the steep fall and start a bounce, Reuters technicals analyst Wang Tao said.
FUNDAMENTALS
* Oil prices rose, with Brent gaining for a fourth consecutive session, as the prospect of extra supply coming to the market soon from Iran faded with talks dragging on over the United States rejoining a nuclear agreement with Tehran. Tuesday, June 15 DATA/EVENTS (GMT) 0600 Germany HICP Final YY May 0600 UK Claimant Count Unem Chng May 0600 UK ILO Unemployment Rate April 0645 France CPI (EU Norm) Final MM, YY May 1000 EU Reserve Assets Total May 1230 US Retail Sales MM May 1315 US Industrial Production MM May ($1 = 4.1110 ringgit)
(Reporting by Fathin Ungku; editing by Uttaresh.V)
