Palm oil futures in Malaysia closed higher for the second session on Monday, driven by a decline in the ringgit and following the rise in prices of competing oils in Dalane.

The benchmark contract for palm oil with delivery in December on the Bursa Malaysia Derivatives Exchange rose by 36 ringgit or 0.98% to 3,717 ringgit (793.72 US dollars) per metric ton at the close of trading. Last week, the benchmark had decreased by 2.75%.

“Today’s market seems to be in a correction mode, tracking the strength in Dalane and awaiting new production figures. If the current rainy season in Malaysia continues, production might slow down, providing support to our market,” said a trader from Kuala Lumpur, as reported by Reuters.

The most active contract for soybean oil in Dalane increased by 0.91%, while the palm oil contract decreased by 0.03%. Prices of soybean oil on the Chicago Board of Trade decreased by 0.65%.

Palm oil is influenced by changes in prices of related oils as they compete for market share in the global vegetable oils market.

The export of Malaysian palm oil products from September 1 to 25 increased by 15.2% to 1,088,875 tons from 945,155 tons shipped from August 1 to 25, as reported by the independent inspection company AmSpec Agri Malaysia on Monday.

According to surveyor Intertek Testing Services, Malaysian palm oil product exports for the same period grew by 17.5% to 1,144,707 metric tons from 974,235 metric tons shipped from August 1 to 25.

(1 US dollar = 4.6830 ringgit)