KUALA LUMPUR, March 21 (Reuters) - Malaysia's BMD crude oil palm oil futures rose for a third consecutive trading day on Wednesday, reversing earlier declines as news that Indonesia won a successful anti-dumping tax dispute with biodiesel in the European Union provided support to the market. .
The EU Supreme Court ruled that the EU must cancel anti-dumping tariffs imposed on biodiesel products imported from Indonesia. Indonesia is one of the world's largest exporters of palm oil-based biodiesel.
The benchmark CMD June CPO futures contract rose 0.5% to MYR 2,448 a tonne.
The volume was 62,284 lots, each weighing 25 tons.
A Kuala Lumpur-based palm oil futures trader said: “The news about biodiesel in Indonesia has boosted the market, and buyers may also want to buy before the CPO export tax starts.”
Malaysia suspended the export tariff of crude palm oil for three months earlier in January to support demand and boost prices. The country expects palm oil stocks to increase in 2018.
The export tax suspension will end on April 7.
Inspection company AmSpec Agri Malaysia (AmSpec) released a report on Tuesday that Malaysia's palm oil exports from March 1-20 rose by 15.3% from the same period of the previous month to 913,091 tons. Malaysia's palm oil output from February 1-20 was 791,992 tons.
According to data released by the shipping survey agency SGS on Tuesday, Malaysia's export of palm oil products from March 1st to 20th increased by 13.6% from the same period of the previous month to 926,185 tons. Malaysia's palm oil exports from February 1st to 20th were 815,183 tonnes.
In other related markets, the Chicago Board of Trade (CBOT) May soyoil futures contract fell 0.03%.
Daicom's May soybean oil futures contract fell 0.3%. May palm oil futures contract rose 0.4%.
The price of palm oil is usually influenced by the trend of edible oil by other rivals because of their competitive share in the global vegetable oil market.