VEGOILS-Palm oil futures rise in Malaysia on Dalian's market boost

JAKARTA, Dec 4 (Reuters) - Malaysian palm oil futures rose for a second consecutive session on Wednesday, fuelled by the strength seen in Dalian vegetable oil contracts. The benchmark palm oil contract FCPOc3 for February delivery on the Bursa Malaysia Derivatives Exchange gained 48 ringgit, or 0.95%, to 5,123 ringgit ($1,147.37) a metric ton by 0242 GMT. FUNDAMENTALS * Dalian's most-active soyoil contract DBYcv1 rose 0.3%, while its palm oil contract DCPcv1 climbed 1.21%. Soyoil was down 0.12% at the Chicago Board of Trade. * Palm oil tracks price movements of rival edible oils as it competes for a share of the global vegetable oils market. * India's edible oil imports in November jumped to their highest levels in four months as refiners raised purchases of palm oil, soyoil and sunflower oil to replenish inventories after robust demand during festival season, five dealers said. * Malaysian palm oil exports in November are seen falling between 9.3% and 10.4%, according to cargo surveyor Intertek Testing Services and independent inspection company AmSpec Agri Malaysia. * Indonesia raised its crude palm oil (CPO) reference price for December to $1,071.67 a metric ton from $961.97 in November, placing the export tax higher at $178 per ton. * Oil prices were little changed in early Asia trade as market participants weighed higher U.S. crude oil and fuel inventories as well as the likelihood of OPEC+ extending supply cuts. O/R * Palm oil FCPOc3 is expected to revisit its Nov. 11 high of 5,202 ringgit per metric ton, as it has broken resistance at 5,124 ringgit. TECH/C DATA/EVENTS (GMT) 0145 China Caixin Servics PMI Nov 0850 France HCOB Serv, Comp PMIs Nov 0855 Germany HCOB Serv, Comp PMIs Nov 0900 EU HCOB Serv, Comp Final PMIs Nov 0930 UK S&P Global PMI: Composite Output Nov 0930 UK Reserve Assets Total Nov 1445 US S&P Global Comp, Svcs Final PMIs Nov 1500 US Factory Orders MM Oct 1500 US ISM N-Mfg PMI Nov ($1 = 4.4650 ringgit) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ cpo https://tmsnrt.rs/3Z2Pw6o ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Bernadette Christina; Editing by Sherry Jacob-Phillips) ((mailto:[email protected]))