Malaysian Palm Oil Council Russia's Post

VEGOILS-Palm rebounds on stronger soy oil, weaker ringgit

JAKARTA, Dec 8 (Reuters) - Malaysian palm oil futures rebounded on Thursday, reclaiming some losses posted a day earlier, as strength in soyoil and a weaker ringgit underpinned prices.

The benchmark palm oil contract FCPOc3 for February delivery on the Bursa Malaysia Derivatives Exchange rose 0.86% to 4,003 ringgit ($909.77) per tonne in early trade. It lost 3% a day earlier.

FUNDAMENTALS
Dalian's most active soyoil contract DBYv1 added 0.47%, while its palm oil contract DCPv1 fell 1.30%. Soyoil prices on the Chicago Board of Trade BOc2 gained 0.61%.

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

Malaysian ringgit MYR= softened against the U.S. dollar for a third day after earlier this week hitting its best level since early May.

Palm oil may rise into a range of 4,132-4,196 ringgit a tonne, as it managed to hover above a rising trendline, Reuters technical analyst Wang Tao said.

MARKET NEWS
Asian equities edged higher, propped up by Hong Kong and China stocks even as growing fears of an economic slowdown and worries over the pace of the Federal Reserve's interest rate hikes weighed on sentiment.

Oil prices steadied in early Asian trade on Thursday after sinking to their lowest level this year as U.S. production and gasoline inventories ticked up at the same time concerns grew that economic slowdowns would weaken fuel demand.
By: via Malaysian Palm Oil Council Russia