VEGOILS-Palm oil rises on strength of rival oils, weaker ringgit

By Dewi Kurniawati JAKARTA, Nov 7 (Reuters) - Malaysian palm oil futures opened higher on Thursday, supported by gains in rival vegetable oils in the Dalian and Chicago markets and a weaker ringgit. The benchmark palm oil contract FCPOc3 for January delivery on the Bursa Malaysia Derivatives Exchange gained 61 ringgit or 1.24%, to 4,978 ringgit ($1,128.29) a metric ton in early trade. FUNDAMENTALS * Dalian's most-active soyoil contract DBYcv1 rose 2.29%, while its palm oil contract DCPcv1 gained 2.92%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.22%. * Palm oil tracks price movements of rival edible oils as it competes for a share in the global vegetable oils market. * The ringgit MYR= , palm's currency of trade, weakened 0.34% against the U.S. dollar, making the vegetable oil cheaper for buyers holding foreign currencies. * India's vegetable oil imports are estimated to decline further in the 2024-25 season to 15 million metric tons, as favourable weather will likely boost domestic production, an industry group said. * India's palm oil imports surged 59% in October to a three-month high compared to the previous month, as refiners boosted purchases to replenish stocks depleted by lower-than-usual imports in recent months and a strong festive demand. * Malaysia's palm oil inventories are forecast to fall in October, marking their first decline in three months, on lower output and higher exports, a Reuters survey showed. * Oil prices climbed after a sell-off triggered by the U.S. presidential election, as risks to oil supply from a Trump presidency and a hurricane building off the Gulf Coast outweighed a stronger U.S. dollar and higher inventories. O/R * Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. * Palm oil FCPOc3 may keep climbing towards 5,023 ringgit, before reversing its uptrend, according to Reuters technical analyst Wang Tao. TECH/C DATA/EVENTS 0700 Germany Industrial Output MM Sept 0700 Germany Industrial Production YY SA Sept 0700 UK Halifax House Prices YY Oct 0700 UK Halifax House Prices MM Oct 0745 France Reserve Assets Total Oct 1200 UK BOE Bank Rate Nov 1330 US Initial Jobless Clm 2 Nov, w/e ($1 = 4.4120 ringgit) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ cpo https://tmsnrt.rs/3O3R0It ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Dewi Kurniawati; Editing by 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 ))