VEGOILS-Palm ends higher on rival oils; market eyes key data

(Updated with closing prices) By Dewi Kurniawati JAKARTA, Nov 4 (Reuters) - Malaysian palm oil futures closed up on Monday, following rival vegetable oils, while the market awaits Malaysian Palm Oil Board (MPOB) data and export figures. The benchmark palm oil contract FCPOc3 for January delivery on the Bursa Malaysia Derivatives Exchange gained 23 ringgit, or 0.47%, to 4,891 ringgit ($1,119.22) a metric ton on the closing. "The futures seem to be following Dalian palm oils support. We will establish our lead once the MPOB and export data are out. For the time being, it should be tracking leads from rival oils," a Kuala Lumpur-based trader said. Dalian's most-active soyoil contract DBYcv1 rose 1.43%, while its palm oil contract DCPcv1 gained 1.46%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.32%. Palm oil tracks price movements of rival edible oils as it competes for a share in the global vegetable oils market. Oil prices rose more than 2% on Monday on a decision by OPEC+ to delay by a month plans to increase output, while the market braced for a crucial week that includes the U.S. presidential election and a key meeting in China. 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. ($1 = 4.3700 ringgit) (Reporting by Dewi Kurniawati; Editing by Subhranshu Sahu 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 ))