Malaysian palm oil futures opened higher on Tuesday, supported by stronger rival edible oils at Dalian and Chicago markets and crude oil prices.
The benchmark palm oil contract 
FCPO1! for August delivery on the Bursa Malaysia Derivatives Exchange gained 58 ringgit, or 1.5%, to 3,936 ringgit ($927.86) a metric ton in early trade.
FUNDAMENTALS
* Dalian’s most-active soyoil contract (DBYcv1) rose 0.13%, while its palm oil contract CPO1! gained 1.46%. Soyoil prices on the Chicago Board of Trade 
ZL1! were up 0.13%.
* Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market.
* Oil prices rose in early Asia trade on Tuesday on concerns about supply, with Iran set to reject a U.S. nuclear deal proposal that would be key to easing sanctions on the major oil producer, and with production in Canada hit by wildfires.
* India halved the basic import tax on crude edible oils to 10% on Friday, the government said, as the world’s biggest vegetable oil importer tries to bring down food prices and help the local refining industry.
* Indonesia exported 2.88 million metric tons of palm oil, including refined products, in March, rising from 2.56 million tons a year earlier, data from the Indonesia Palm Oil Association, GAPKI.
* Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.
* The ringgit 
USDMYR, palm’s currency of trade, strengthened 0.26% against the dollar, making the commodity slightly more expensive for buyers holding foreign currencies.
* Palm oil FCPO1! looks neutral in a narrow range of 3,860 ringgit to 3,886 ringgit per metric ton, and an escape could suggest a direction, Reuters technical analyst Wang Tao said.
Thomson Reuterscpo
MARKET NEWS
* Asia shares edged cautiously higher on Tuesday while the dollar fell to a six-week low as erratic U.S. trade policies clouded over markets and investors turned defensive ahead of key developments later in the week.
DATA/EVENTS
0145 China Caixin Mfg PMI Final May
0900 EU HICP Flash YY May
0900 EU HICP-X, F, E, A, T Flash MM, YY May
0900 EU Unemployment Rate Apr
1400 US Factory Orders MM Apr
($1 = 4.2420 ringgit)