CHICAGO, March 12 (Reuters) - ICE (NYSE:ICE) canola futures 0#RS: firmed on Tuesday on short-covering and bargain-buying from recent lows, although the market remains anchored by ample supplies of the oilseed, traders said.
* Gains were capped by concerns about exports after China, the top canola importer, said it would no longer allow imports from Richardson International. China also said it would step up inspections of Canadian canola until further notice. The market remained locked in a narrow trading range as investors await fresh fundamental news.
* The most-active May canola contract RSK9 settled up $2.50 at $458.30 per tonne.
* July canola RSN9 rose $3.00 and settled at $467.10.
* Chicago May soybeans SK9 finished 7 U.S. cents higher at US$8.97 per bushel, rebounding from a 3-1/2-month low. Malaysian May palm oil futures 1FCPOK9 shed 0.14 percent but settled above Monday's contract low.
* The Canadian dollar CAD= had little impact on the canola market on Tuesday. It was trading down slightly at $1.3455 to the U.S. dollar, or 74.32 U.S. cents, at 2:47 p.m. CDT (1947 GMT).