VEGOILS-Palm rises, tracking Chicago soyoil; market eyes key export data

KUALA LUMPUR, Nov 19 (Reuters) - Malaysian palm oil futures rose on Tuesday, supported by gains in Chicago soyoil, while traders awaited export data from cargo surveyors. The benchmark palm oil contract FCPOc3 for February delivery on the Bursa Malaysia Derivatives Exchange was up 40 ringgit, or 0.82%, at 4,939 ringgit ($1,104.92) a metric ton in early trade. It fell 3.71% in the previous session. FUNDAMENTALS * Dalian's most-active soyoil contract DBYcv1 fell 0.36%, while its palm oil contract DCPcv1 shed 0.46%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.13%. * Palm oil tracks the price movements of rival edible oils, as they compete for a share of the global vegetable oils market. * Cargo surveyors are expected to release their estimates for Malaysian palm oil exports for the Nov. 1-20 period on Wednesday. * Oil prices retreated after the previous day's rally, driven by stalled production at Norway's Johan Sverdrup oilfield, but investors remained cautious amid fears of a potential escalation in the Russia-Ukraine war. O/R * Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. * The ringgit MYR= , palm's currency of trade, strengthened 0.2% against the dollar, making the commodity more expensive for buyers holding foreign currencies. * Palm oil prices are expected to remain above 4,750 ringgit in November, supported by export supply uncertainties and rising soft oil prices, the Malaysian Palm Oil Council said. * Palm oil may break support at 4,816 ringgit per metric ton and fall towards 4,732 ringgit, Reuters technical analyst Wang Tao said. TECH/C MARKET NEWS * Asian stocks rose while U.S. bond yields and the dollar hung back from multi-month highs as traders awaited President-elect Donald Trump's cabinet selection and sought to gauge the outlook for Federal Reserve easing. MKTS/GLOB ($1 = 4.4700 ringgit) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ cpo https://tmsnrt.rs/4fPz7cr ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (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 ))