Malaysian Palm Oil Council Russia's Post

​VEGOILS-Palm hits three-week high on rival oils strength

JAKARTA, Oct 19 (Reuters) - Malaysian palm oil futures rose for a second session on Thursday to hit their highest levels in three weeks, supported by gains in rival vegetable oils.

The benchmark palm oil contract FCPOc3 for January delivery on the Bursa Malaysia Derivatives Exchange rose 31 ringgit, or 0.81%, to 3,841 ringgit ($806.93) a metric ton in early trade.

FUNDAMENTALS
Exports of Malaysian palm oil products for Oct. 1-15 rose 5.6% from a month earlier, independent inspection company AmSpec Agri Malaysia said on Sunday. Another cargo surveyor, Intertek Testing Services, said exports rose 7.3%.

Cargo surveyor Societe Generale de Surveillance (SGS)estimated exports of Malaysian palm oil products for Oct. 1-15 at 665,876 metric tons, according to LSEG.

Malaysia has maintained its November export tax for crude palm oil at 8% and lowered its reference price, a circular on the Malaysian Palm Oil Board website showed on Tuesday.

Dalian's most-active soyoil contract DBYcv1 slid 0.15%, while its palm oil contract DCPcv1 was up 0.41%. Soyoil prices on the Chicago Board of Trade BOc2 gained 0.15%.

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

Oil prices fell, reversing gains in the previous session, after OPEC showed no signs of supporting Iran's call for an oil embargo on Israel and as the United States plans to ease Venezuela sanctions to allow more oil to flow globally.

Weaker crude makes palm a less attractive option for biodiesel feedstock.

Palm oil may test a support of 3,768 ringgit per metric ton, a break below which could open the way towards 3,720-3,729 ringgit.
By: via Malaysian Palm Oil Council Russia