VEGOILS-Palm up on stronger rival Dalian oils, weak Chicago soyoil limits gains

KUALA LUMPUR, Nov 27 (Reuters) - Malaysian palm oil futures inched higher on Wednesday for the third consecutive session, tracking strength in rival Dalian oils, although weaker Chicago soyoil prices limited its gains. The benchmark palm oil contract FCPOc3 for February delivery on the Bursa Malaysia Derivatives Exchange gained 13 ringgit, or 0.27%, to 4,748 ringgit ($1,065.29) a metric ton in early trade. FUNDAMENTALS * Dalian's most-active soyoil contract DBYcv1 rose 0.07%, while its palm oil contract DCPcv1 added 0.43%. Soyoil prices on the Chicago Board of Trade BOcv1 were down 0.28%. * Palm oil tracks price movements of rival edible oils, as they compete for a share of the global vegetable oils market. * Oil prices steadied in early trade, with markets assessing the potential impact of a ceasefire deal between Israel and Hezbollah, and ahead of Sunday's OPEC+ meeting. O/R * Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. * The ringgit MYR= , palm's currency of trade, weakened 0.04% against the dollar, making the commodity cheaper for buyers holding foreign currencies. * European Union soybean imports in the 2024/25 season that started in July had reached 4.95 million metric tons by Nov. 24, up 7% from 4.62 million tons a year earlier, while EU palm oil imports totalled 1.26 million tons, down 18% from 1.54 million tons, data published by the European Commission showed. * Palm oil may test resistance at 4,780 ringgit per metric ton, a break above which could lead to a gain into the 4,816-4,869 ringgit range, Reuters technical analyst Wang Tao said. TECH/C MARKET NEWS * The U.S dollar rose against some currencies on Tuesday after President-elect Donald Trump pledged to impose new tariffs on imports from Canada, Mexico and China, while MSCI's global equity index was higher after the release of the Federal Reserve's latest meeting minutes. MKTS/GLOB DATA/EVENTS 1330 US Durable Goods Oct 1330 US GDP 2nd Estimate Q3 1330 US Initial Jobless Clm 23 Nov, w/e 1500 US Consumption, Adjusted MM Oct 1500 US Core PCE Price Index MM Oct 1500 US Core PCE Price Index YY Oct 1500 US PCE Price Index MM Oct 1500 US PCE Price Index YY Oct ($1 = 4.4570 ringgit) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ cpo https://tmsnrt.rs/3CJju81 ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Ashley Tang; Editing by 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 ))