VEGOILS-Palm rises on stronger rival oils and possible export tax hike in Indonesia

(Updates midday prices and adds trader's comment) KUALA LUMPUR, Nov 25 (Reuters) - Malaysian palm oil futures opened higher on Monday, supported 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 90 ringgit, or 1.94%, to 4,732 ringgit ($1,062.89) a metric ton during the midday break. 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 0.12%, while its palm oil contract DCPcv1 added 0.6%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.79%. Palm oil tracks price movements of rival edible oils, as they compete for a share of the global vegetable oils market. Oil prices retreated following 6% gains last week, but remained near two-week highs as geopolitical tensions grew between Western powers and major oil producers Russia and Iran, raising risks of supply disruption. Brent crude futures LCOc1 for January were down 0.51% at $74.80 a barrel as of 0457 GMT. Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. The ringgit MYR= , palm's currency of trade, strengthened 0.29% against the dollar, making the commodity more expensive for buyers holding foreign currencies. Cargo surveyors are scheduled to release their export data for Nov. 1-25 later in the day. Palm oil may test support at 4,595 ringgit per metric ton, with a good chance of breaking below it and falling towards 4,510 ringgit, Reuters technical analyst Wang Tao said. TECH/C ($1 = 4.4520 ringgit) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ cpo https://tmsnrt.rs/4glmDtx ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Ashley Tang; Editing by Subhranshu Sahu and Rashmi Aich) (([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 ))