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Palm opens higher on stronger rival oils, firmer crude prices



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KUALA LUMPUR, Oct 24 (Reuters) -Malaysian palm oil futures inched higher for a fourth straight session on Thursday, buoyed by stronger rival oils and firmer crude prices.

The benchmark palm oil contract FCPOc3 for January delivery on the Bursa Malaysia Derivatives Exchange gained 20 ringgit, or 0.45%, to 4,506 ringgit a metric ton during early trade.

The contract has so far gained 5.33% for three consecutive sessions.


FUNDAMENTALS

* Dalian's most-active soyoil contract DBYcv1 rose 0.31%, while its palm oil contract DCPcv1 added 0.63%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.39%.

* Palm oil tracks price movements of rival edible oils, as they compete for a share of the global vegetable oils market.

* Oil prices edged higher, recouping some of the more-than-1% losses from the previous session after U.S. crude inventories rose much more than estimated. O/R

* Brent crude futures LCOc1 rose 1.17% to $75.84 a barrel as of 0246 GMT. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.

* The ringgit MYR=, palm's currency of trade, strengthened 0.02% against the dollar, making the commodity more expensive for buyers holding foreign currencies.

* Cargo surveyors are expected to release Malaysian palm oil export estimates for October 1-25 on Friday.

* Palm oil may break resistance at 4,518 ringgit per metric ton and rise into a range of 4,571 ringgit to 4,658 ringgit, Reuters technical analyst Wang Tao said. TECH/C


MARKET NEWS

* Asian shares fell on Thursday, while the dollar held near three-month highs and U.S. yields rose as uncertainty over the U.S. election outcome kept markets on edge, though Tesla's forecast-topping earnings provided some comfort for investors. MKTS/GLOB

DATA/EVENTS

0715 France HCOB Mfg, Svcs, Comp Flash PMIs Oct

0730 Germany HCOB Mfg, Svcs, Comp Flash PMIs Oct

0745 France Business Climate Mfg, Overall Oct

0800 EU HCOB Mfg, Svc, Comp Flash PMIs Oct

0830 UK Flash Comp, Mfg, Svcs PMIs Oct

1000 UK CBI Business Optimism Q4

1230 US Initial Jobless Clm Weekly

1345 US S&P Global Mfg, Svcs, Comp Flash PMIs Oct

1400 US New Home Sales-Units Sept





Reporting by Ashley Tang; Editing by Janane Venkatraman

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
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