Malaysian Palm Oil Council Russia's Post

VEGOILS-Palm oil climbs 2% amid higher crude, rival oils

JAKARTA, Oct 27 (Reuters) - Malaysian palm oil futures recovered on Thursday from minor losses in the previous session, gaining more than 2% on higher prices of crude oil and related edible oil.

The benchmark palm oil contract FCPOc3 for January delivery on the Bursa Malaysia Derivatives Exchange climbed 2.26% to 4,214 ringgit ($895.07) per tonne in early trading.

FUNDAMENTALS
Dalian's most active soyoil contract DBYc1 rose 0.47%, while its palm oil contract DCPc1 climbed 0.73%. Soyoil prices on the Chicago Board of Trade BOc2 were trading 0.55% higher.

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

Oil prices continued to rise in early Asian trade on Thursday after surging more than 3% in the previous session, driven by record U.S. crude exports and a weaker U.S. dollar.

Exports of Malaysian palm oil products for Oct. 1-25 fell 3.5%, compared with shipments on Sept. 1-25, cargo surveyor Intertek Testing Services said this week, while Societe Generale de Surveillance reported exports eased 0.6%.

Palm oil may retest a support of 4,114 ringgit per tonne, a break below could open the way towards 4,001-4,071 ringgit range, Reuters technical analyst Wang Tao said.

MARKET NEWS
Asian shares rose on growing expectations that major central banks could start slowing the pace of interest rate hikes in coming months, while the dollar's retreat lifted commodities and pushed treasury yields lower.
By: via Malaysian Palm Oil Council Russia