VEGOILS-Palm closes higher on stronger rival oils, possible export tax hike in Indonesia

(Updates closing price) KUALA LUMPUR, Nov 25 (Reuters) - Malaysian palm oil futures rose on Monday, rebounding from three consecutive sessions of declines, buoyed by stronger rival oils and expectations that Indonesia might raise its December palm oil export taxes and levies. The benchmark palm oil contract FCPOc3 for February delivery on the Bursa Malaysia Derivatives Exchange gained 54 ringgit, or 1.16%, to 4,696 ringgit ($1,055.76) per metric ton at the close. The Malaysian palm oil futures opened higher following recoveries seen in rival oils during Asian trading hours, said Anilkumar Bagani, research head at Sunvin Group. "The almost certain increase in Indonesia's palm oil export taxes and levies in December 2024 has also boosted a chance of rebound in the Malaysian palm oil futures," he said. Bagani said he expected Indonesia's palm oil reference price for December to increase to $1073.56 per ton. Indonesia's crude palm oil reference price for November is currently set at $961.97 per ton and its export tax at $124 per ton. Dalian's most-active soyoil contract DBYcv1 fell 0.02%, while its palm oil contract DCPcv1 rose 1.15%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.91%. Palm oil tracks price movements of rival edible oils, as they compete for a share of the global vegetable oils market. Cargo surveyors estimated that Malaysian palm oil exports fell between 8.2% and 9.2% during the Nov. 1-25 period. Oil prices slipped on Monday following 6% gains last week, but supply worries amid mounting tensions between Western powers and major oil producers Russia and Iran kept a floor under prices. O/R Brent crude futures LCOc1 for January were down 0.68% at $74.66 a barrel as of 1007 GMT. Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. The ringgit MYR= , palm's currency of trade, strengthened 0.38% against the dollar, making the commodity more expensive for buyers holding foreign currencies. ($1 = 4.4480 ringgit) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ cpo https://tmsnrt.rs/4glmDtx ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Ashley Tang; Editing by Subhranshu Sahu, Rashmi Aich and Shreya Biswas) (([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 ))