VEGOILS-Palm extends winning streak on output concerns

(Updates closing price) KUALA LUMPUR, Nov 27 (Reuters) - Malaysian palm oil futures ended higher on Wednesday, extending a three-day winning streak, underpinned by production concerns in the country. The benchmark palm oil contract FCPOc3 for February delivery on the Bursa Malaysia Derivatives Exchange gained 62 ringgit, or 1.31%, to 4,797 ringgit ($1,080.41) per metric ton at the close. Crude palm oil futures were seen trading sideways to upwards following sharply higher overnight Chicago soyoil futures, but the easing of South American soyoil has seen the recovery capped, said Anilkumar Bagani, research head at Sunvin Group. Separately, a Mumbai-based trader said production in Malaysia is not picking up and investors are waiting for demand to resume in the festive months of Ramadan and Lunar New Year. Dalian's most-active soyoil contract DBYcv1 rose 0.65%, while its palm oil contract DCPcv1 added 1.67%. Soyoil prices on the Chicago Board of Trade BOcv1 fell 0.59%. Palm oil tracks price movements of rival edible oils as it competes for a share of the global vegetable oils market. Oil prices held steady as markets evaluated a ceasefire deal between Israel and Hezbollah while also anticipating Sunday's OPEC+ meeting, where the group could delay a planned increase in oil output. O/R Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. The ringgit MYR= , palm's currency of trade, strengthened 0.34% against the U.S. dollar, making the commodity more expensive for buyers holding foreign currencies. European Union soybean imports in the 2024-25 season, which began 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 year-ago 1.54 million tons, European Commission data showed. ($1 = 4.4400 ringgit) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ cpo https://tmsnrt.rs/3CJju81 ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Ashley Tang; Editing by Eileen Soreng, Sumana Nandy 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 ))