VEGOILS-Palm oil closed highest since mid June 2022

(Updated with closing prices, trader comment in paragraph 3) By Dewi Kurniawati JAKARTA, Nov 11 (Reuters) - Malaysian palm oil futures closed up on Monday, following emergence of new buying interest and short coverings. The benchmark palm oil contract FCPOc3 for January delivery on the Bursa Malaysia Derivatives Exchange gained 94 ringgit or 1.84% to 5,195 ringgit ($1,178.81) a metric ton on the closing, the highest since mid June 2022. "Price started rally after the futures hit 5,100 ringgit due to emergence of new buying interest and short coverings and lifted the futures to a new high of 5,200 ringgit," a Kuala Lumpur-based trader said. Malaysian benchmark palm oil futures have risen more than 35% this year and are expected to trade above to around 5,000 ringgit ($1,141) per metric ton until June 2025, supported by tight supply and bullish demand. The Malaysian Palm Oil Board (MPOB) monthly data on Monday showed that palm oil stocks shrank the most in seven months in October as exports surged, production fell and domestic consumption increased. Exports of Malaysian palm oil products for Nov. 1-10 fell 15.8% to 429,455 metric tons from a month earlier, cargo surveyor Intertek Testing Services (ITS) said on Monday. Exports of Malaysian palm oil products for Nov. 1-10 fell 14.6% to 419,094 tonnes from 490,582 tonnes shipped during Oct. 1-10, independent inspection company AmSpec Agri Malaysia said on Monday. Dalian's most-active soyoil contract DBYcv1 fell 0.47%, while its palm oil contract DCPcv1 gained 2.16%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.37%. 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 0.62% against the U.S. dollar, making the vegetable oil cheaper for buyers holding foreign currencies. Oil prices were little changed on Monday as the threat of supply disruptions from a U.S. storm eased and after China's stimulus plan disappointed investors seeking fuel demand growth in the world's No. 2 oil consumer. O/R Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. ($1 = 4.4070 ringgit) (Reporting by Dewi Kurniawati; Editing by Rashmi Aich and Shinjini Ganguli) (([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 ))