VEGOILS-Palm oil gains on firmer soyoil, production concerns in Malaysia

(Updates with midday prices, trader's comments) KUALA LUMPUR, Sept 19 (Reuters) - Malaysian palm oil futures rose on Thursday, underpinned by firmer soyoil prices and production concerns in the world's second-biggest producer. The benchmark palm oil contract FCPOc3 for December delivery on the Bursa Malaysia Derivatives Exchange gained 92 ringgit, or 2.39%, to 3,937 ringgit ($925.92) a metric ton by the midday break. The contract rose 3% in the previous session, its biggest single-session climb since July 24, 2023. The rebound in soyoil prices are supporting Malaysian palm oil futures, with production concerns in Malaysia lending further support, a Mumbai-based dealer said. Dalian's most-active soyoil contract DBYcv1 rose 0.87%, while its palm oil contract DCPcv1 added 2.49%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.12%. Palm oil tracks prices of rival edible oils as they compete for a share of the global vegetable oils market. The ringgit MYR= , palm's currency of trade, weakened 0.24% against the U.S. dollar, making the commodity cheaper for buyers holding foreign currencies. Brent crude futures LCOc1 for November were up 0.18% at $73.78 a barrel as of 0504 GMT. Firmer crude oil futures make palm a more attractive option for biodiesel feedstock. O/R Crude palm oil prices are expected to remain stable this month, as a strengthening ringgit offset tighter supplies and stagnant exports to key destinations, state agency the Malaysian Palm Oil Council (MPOC) said. The prices would be seen trading in the 3,850-4,050 ringgit a metric ton range in September, MPOC added. India's edible oil consumption is set to grow at 2%-3% as cooking oils remain affordable despite an import duty hike, a leading importer told Reuters on Wednesday. Palm oil may retrace into the 3,819-3,833 ringgit per metric ton range, as a bounce from the Sept. 17 low of 3,702 ringgit may end around resistance at 3,893 ringgit, Reuters technical analyst Wang Tao said. TECH/C ($1 = 4.2520 ringgit) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ cpo https://tmsnrt.rs/47vCVwu ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Danial Azhar and Rajendra Jadhav in Mumbai; Editing by Rashmi Aich and Sumana Nandy) (([email protected];)) ((For a table on Malaysian physical palm oil prices, including refined oil, Reuters Terminal users can double click on or type OILS/MY01 . * To view freight rates from Peninsula Malaysia/Sumatra to China, India, Pakistan and Rotterdam, please key in OILS/ASIA2 and press enter, or double click between the brackets. * Reuters Terminal users can see cash and futures edible oil prices by double clicking on the codes in the brackets: To go to the next page in the same chain, hit F12. To go back, hit F11. Vegetable oils OILS/ASIA1 Malaysian palm oil exports SGSPALM1 CBOT soyoil futures 0#BO: CBOT soybean futures 0#S: Indian solvent SOLVENT01 Dalian Commodity Exchange DC/MENU Dalian soyoil futures 0#DBY: Dalian refined palm oil futures 0#DCP: Zhengzhou rapeseed oil 0#COI: European edible oil prices/trades OILS/E ))