SINGAPORE (Reuters) - Singapore's stockmarket rebounded on Tuesday, with commodity firms helping the bourse recoup Monday's losses.

The benchmark Straits Times index was up 0.4 per cent at 3139.83 points as of midday, in line with the broader Asian market. MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.4 per cent, after shedding 1.3 per cent on Monday.

Olam International led the index, gaining 3.4 per cent to hit a 16-month high of $1.955. Around 10.4 million shares had changed hands as of midday, nearly 1.8 times the average 30-day daily trading volume.

Golden Agri-Resources and Noble Group rose 3.4 per cent and 2.8 per cent respectively to hit intra-day highs of $0.605 and $1.11.

Malaysian palm oil futures climbed to a 17-month high after an industry report showed that Malaysia's February palm oil stocks fell to an eight-month low as dry weather hindered output.

However, brokerage CIMB said it expected profit-taking in the crude palm oil (CPO) sector once the current spell of dry weather ends.

"We believe that the market has priced in the weather risk premium and hence, maintain our neutral stance on the sector,"it wrote in a research note.