VEGOILS-Palm oil rises tracking rival oils

(Recast, update prices) JAKARTA, Dec 3 (Reuters) - Malaysian palm oil futures rose on Tuesday, tracking strength in Dalian palm oil prices and Chicago soyoil, while supply concerns due to floods in peninsular Malaysia and a higher Indonesian export tax and levy in December adding support. The Bursa Malaysia Derivatives Exchange's benchmark contract FCPOc3 for February delivery was up 121 ringgit or 2.44%, to 5,076 ringgit a metric ton at closing. "Palm oil futures rose mostly on Dalian upside," a Kuala Lumpur-based trader said. Dalian's palm oil contract DCPcv1 surged 2%, while its most-active soyoil contract DBYcv1 dropped 1.4%. Soyoil at the Chicago Board of Trade BOc2 climbed 1.3%. Palm oil tracks the price movements of rival edible oils as it competes for a share of the global vegetable oils market. Supply concerns emerged as peninsular Malaysia was hit by floods that officials fear could be the worst in a decade, which could affect palm oil production, lending support for the contract, the trader added. A higher export tax and levy by the world's biggest palm oil exporter, Indonesia, is also supporting prices, the trader said. Indonesia raised its crude palm oil (CPO) reference price for December to $1,071.67 a metric ton, from $961.97 in November, which put the export tax higher at $178 per ton, from $124 a ton in November. India's edible oil imports in November jumped to their highest level 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. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ cpo https://tmsnrt.rs/3Z2Pw6o ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Bernadette Christina; Editing by Rashmi Aich, Varun H K and Tasim Zahid) (([email protected]))