VEGOILS-Palm rises on stronger rival oils, crude prices

By Dewi Kurniawati JAKARTA, Nov 4 (Reuters) - Malaysian palm oil futures inched higher on Monday, supported by the strength in rival vegetable oils and crude prices, although a firmer ringgit capped the rise. The benchmark palm oil contract FCPOc3 for January delivery on the Bursa Malaysia Derivatives Exchange gained 8 ringgit, or 0.16%, to 4,876 ringgit ($1,115.02) a metric ton in early trade. FUNDAMENTALS * Dalian's most-active soyoil contract DBYcv1 rose 1.59%, while its palm oil contract DCPcv1 gained 1.32%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.39%. * Palm oil tracks price movements of rival edible oils as it competes for a share in the global vegetable oils market. * Oil prices rose by more than $1 after OPEC+ said on Sunday it would delay a planned December output hike by one month due to soft demand and rising supply outside the group. O/R * Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. * The ringgit MYR= , palm's currency of trade, strengthened 0.11% against the U.S. dollar, making the commodity more expensive for buyers holding foreign currencies. * Cargo surveyors estimate exports of Malaysian palm oil products rose between 11.5% and 13.7% in October, compared with a month earlier. * Indonesia raised its crude palm oil reference price for November to $961.97 per metric ton from $893.64 in October, a trade ministry official told Reuters. The new price will put the export tax for November at $124 per ton. * Palm oil may surge into a range of 4,936 ringgit to 5,023 ringgit per metric ton, driven by a powerful wave C, Reuters' technical analyst Wang Tao. TECH/C MARKET NEWS * Financial markets began the week on a cautious note, with shares in Asia subdued while the dollar eased slightly ahead of a busy week headlined by the U.S. presidential race which is set to come down to the wire. MKTS/GLOB DATA/EVENTS 0850 France HCOB Manufacturing PMI Oct 0855 Germany HCOB Mfg PMI Oct 0900 EU HCOB Mfg Final PMI Oct 1500 US Factory Orders MM Sept ($1 = 4.3730 ringgit) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ cpo https://tmsnrt.rs/40BIGHL ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Dewi Kurniawati; Editing by Subhranshu Sahu) (([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 ))