VEGOILS-Palm gains on bargain buying, recovery in Dalian palm olein

(Updates closing price) KUALA LUMPUR, Nov 19 (Reuters) - Malaysian palm oil futures closed higher on Tuesday, supported by bargain buying and a recovery in the Dalian palm olein market. The benchmark palm oil contract FCPOc3 for February delivery on the Bursa Malaysia Derivatives Exchange ended 23 ringgit, or 0.47% higher, at 4,922 ringgit ($1,100.87) a metric ton. The contract fell 3.71% in the previous session. The palm market was seen trading up on bargain buying and due to a bullish recovery in Chinese palm olein futures during Asian hours, said Anilkumar Bagani, research head at Sunvin Group. "The bullish rebound is also due to energy prices and overall tightness in the palm oil supply situation ahead of Indonesia's B40 biodiesel mandate and the Ramadan holidays," Bagani said. Last week, Indonesia's government reaffirmed to lawmakers a plan to implement a 40% mandatory biodiesel mix with palm oil-based fuel, known as B40, in January 2025. Separately, traders are anticipating a market correction, and with the approaching winter season, demand from India is expected to decrease, a Mumbai-based trader said. "Given that India is price-sensitive as well, exports are projected to decline in November," the trader added. Dalian's most-active soyoil contract DBYcv1 rose 0.46%, while its palm oil contract DCPcv1 shed 0.26%. Soyoil prices on the Chicago Board of Trade BOcv1 were down 0.37%. 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. Crude oil slipped pressured by the restart of production at Norway's Johan Sverdrup oilfield, although investor caution arising from fears of an escalation in the Russia-Ukraine war limited the decline. O/R Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. The ringgit MYR= , palm's currency of trade, strengthened 0.16% against the dollar, making the commodity more expensive for buyers holding foreign currencies. ($1 = 4.4710 ringgit) (Reporting by Ashley Tang; Editing by Sonia Cheema and Eileen Soreng) (([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 ))