Malaysian Palm Oil Council Russia's Post

VEGOILS-Palm extends gains as rivals jump, ringgit weakens

SINGAPORE, Nov 25 (Reuters) - Malaysian palm oil futures extended gains for a second day on Thursday, as the ringgit weakened and they tracked higher prices of rivals on the Dalian Commodity Exchange.

The benchmark palm oil contract FCPOc3 for February delivery on the Bursa Malaysia Derivatives Exchange rose 27 ringgit, or 0.6%, to 4,944 ringgit ($1,171.84) during early trade.

Dalian's most-active soyoil contract DBYcv1 jumped 1.6%, while its palm oil contract DCPcv1 traded 1.5% higher.

Palm oil is affected by price movements in related oils that compete in the global vegetable oils market.

Aiding prices further, ringgit MYR= fell 0.2% against the dollar, making the edible oil cheaper for holders of foreign currency.

Palm oil FCPOc3 may test a support at 4,827 ringgit per tonne, a break below which could cause a fall into a range of 4,706 ringgit to 4,781 ringgit, Reuters technicals analyst Wang Tao said.

FUNDAMENTALS
Oil prices ticked lower, with investors waiting to see how major producers respond to the emergency crude release by major consuming countries designed to cool the market, even as data pointed to healthy U.S. fuel demand.

Asian shares wobbled lower, hurt by the U.S. dollar which continued to march higher as investors bet on interest rates rising more quickly in the United States than in other major economies such as Japan and the euro zone.
By: via Malaysian Palm Oil Council Russia