REFILE-VEGOILS-Palm rebounds on stronger rival oils

(Corrects cargo surveyors export data release to Nov 1-25, not Nov 1-20) KUALA LUMPUR, Nov 25 (Reuters) - Malaysian palm oil futures opened higher on Monday after three consecutive sessions of declines, buoyed by stronger rival vegetable oils. The benchmark palm oil contract FCPOc3 for February delivery on the Bursa Malaysia Derivatives Exchange gained 68 ringgit, or 1.46%, to 4,710 ringgit ($1,056.76) a metric ton in early trade. FUNDAMENTALS * Dalian's most-active soyoil contract DBYcv1 rose 0.15%, while its palm oil contract DCPcv1 added 0.75%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 1.15%. * Palm oil tracks price movements of rival edible oils, as they compete for a share of the global vegetable oils market. * Oil prices hovered near two-week highs following 6% gains last week, as geopolitical tensions heightened between western powers and major oil producers Russia and Iran, raising risks of supply disruption. O/R * Brent crude futures LCOc1 for January were down 0.36% at $74.90 a barrel as of 0247 GMT. Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. * The ringgit MYR= , palm's currency of trade, strengthened 0.11% 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 MARKET NEWS * Asian stocks rallied with U.S. equity futures, while the dollar retreated against rivals as bond yields slid following the selection of fund manager Scott Bessent as the next U.S. Treasury secretary, with investors expecting he will be a voice for markets in Washington. MKTS/GLOB DATA/EVENTS 0900 Germany Ifo Business Climate New Nov 0900 Germany Ifo Curr Conditions New Nov 0900 Germany Ifo Expectations New Nov ($1 = 4.4570 ringgit) text_section_type="notes">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 <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ cpo https://tmsnrt.rs/4glmDtx ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Ashley Tang; Editing by Subhranshu Sahu) ((mailto:[email protected];))