VEGOILS-Palm rises on stronger crude oil, Chicago soyoil and weaker ringgit

KUALA LUMPUR, Oct 2 (Reuters) - Malaysian palm oil futures rose on Wednesday, supported by firmer crude oil prices, stronger Chicago soyoil and a weaker ringgit. The benchmark palm oil contract FCPOc3 for December delivery on the Bursa Malaysia Derivatives Exchange was up 69 ringgit, or 1.72%, at 4,075 ringgit ($978.63) a metric ton as of 0237 GMT. The contract rose 1.8% in overnight trade. FUNDAMENTALS * The ringgit MYR= , palm's currency of trade, weakened 0.22% against the dollar, making the commodity cheaper for buyers holding foreign currencies. * Oil prices rose on Wednesday on fears that the conflict in the Middle East could turn into a wider war and disrupt oil supply from the key producing region after Iran fired ballistic missiles at Israel. O/R * Brent crude futures LCOc1 for December were up 1.18% at $74.43 a barrel as of 0237 GMT. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. * Soyoil prices on the Chicago Board of Trade BOcv1 rose 1.21%. Dalian's vegetable oil markets were closed for China's Golden Week holiday. * Palm oil tracks the price movements of rival edible oils, as they compete for a share of the global vegetable oils market. * The European Union's palm oil imports so far in the 2024/25 season that started in July was at 645,000 metric tons by Sept. 29, down 36% from a year earlier, data from the European Commission showed on Tuesday. The EU is the world's third-largest importer of palm oil. * Palm oil could rise into a range of 4,120 ringgit to 4,153 ringgit per metric ton, as it may have resumed its uptrend, Reuters technical analyst Wang Tao said. TECH/C MARKET NEWS * Asia stocks sank on Wednesday, catching up with the sell-off on Wall Street after Iran's ballistic missile strike on Israel provoked fears of a wider regional conflict, while crude oil pushed higher on the risk of supply disruptions. MKTS/GLOB DATA/EVENTS 0900 EU Unemployment Rate ($1 = 4.1640 ringgit) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ cpo h https://tmsnrt.rs/3Nddne4 ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Ashley Tang; Editing by Sonia Cheema) (([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 ))