Malaysian Palm Oil Council Russia's Post

VEGOILS-Palm oil rebounds on export optimism, firm soyoil

MUMBAI, Oct 11 (Reuters) - Malaysian palm oil futures rebounded in early trade on Wednesday from a 3-1/2-month low hit in the previous session, tracking gains in rival soyoil amid hopes that exports would improve at lower price levels.

The benchmark palm oil contract FCPOc3 for December delivery on the Bursa Malaysia Derivatives Exchange rose 27 ringgit, or 0.76%, to 3,592 ringgit ($760.21) per metric ton in early trade.

FUNDAMENTALS
Soyoil futures on the Chicago Board of Trade BOc2 were up 0.54%, as of 0255 GMT.

Exports of Malaysian palm oil products for October 1-10 rose 12.5% to 29.6% from a month-ago levels, cargo surveyors data showed.

Malaysia's palm oil stocks at the end of September rose 9.6% to 2.31 million tons, the highest level in 11 months, data from the Malaysian Palm Oil Board (MPOB) showed.

Crude palm oil production gained 4.33% in September to 1.83 million tons month-on-month, while palm oil exports dropped to 1.2 million tons, MPOB said.

India's palm oil imports in September dropped 26% from a month earlier after inventories jumped to record levels.

Oil prices were little changed in early Asian trade, as concerns eased about potential supply disruptions due to the conflict between Israel and the Palestinian Islamist group Hamas.

Flag carrier Garuda Indonesia said on Tuesday it had completed a test flight using a palm oil-blended jet fuel on a Boeing 737-800NG aircraft.

MARKET NEWS
Asia's stock markets rose and the dollar beat a retreat as a dovish shift in tone from Federal Reserve officials had traders paring U.S. interest rate expectations, though with a wary eye on U.S. inflation data due on Thursday.

($1 = 4.7250 ringgit)
By: via Malaysian Palm Oil Council Russia