KUALA LUMPUR, April 7: Malaysian crude palm oil futures climbed 2.6 per cent on Monday as investors bet on a rise in Indian demand after the world’s second largest edible oils consumer scrapped import duties last week.

But expectations of a build-up in supplies when Malaysia’s palm oil industry regulator unveils its data later in the week may pull the market lower, traders said.

We are waiting for demand from India to kick in but the market is keeping an eye out for bearish numbers from the Malaysian Palm Oil Board, said a trader with a local brokerage.

The benchmark June contract on Bursa Malaysia Derivatives Exchange settled up 85 ringgit at 3,382 ringgit ($1,061), holding on to gains of nearly 11 per cent so far this year.

Other traded months rose between 80 and 115 ringgit. Overall trade stood at 13,983 lots of 25 tons each.

India scrapped import duties on crude edible oils last week amid a raft of measures to stem rising inflation.Traders expect Malaysian palm oil stocks to rise further in April from March’s record levels of 1.9 million tons due to a seasonal uptick in output, plantation officials have said.

Crop agency Malaysian Palm Oil Board will unveil March production, stocks and exports of palm oil on Thursday.

May soyaoil at the Chicago Board of Trade edged 0.7 per cent higher while most-active September soyabean oil contract on Dalian Commodity Exchange jumped 3.7 per cent on strong demand combined with strikes that have delayed shipments out of Brazil and Argentina.

In Malaysia’s physical market, crude palm oil for April shipment in the southern region was quoted at 3,370/3,400 ringgit a ton. Trades were done at 3,400 ringgit.—Reuters