Palm rises after 3 days of fall, logs first weekly drop in four
Update with closing prices
JAKARTA, Nov 15 (Reuters) -Malaysian palm oil futures rose on Friday after three straight sessions of losses, supported by recovery in rival vegetable oils and talks of possible changes in Indonesia's export levy, yet it posted the firstweekly decline in four weeks.
The benchmark palm oil contract FCPOc3 for January delivery on the Bursa Malaysia Derivatives Exchange gained 118 ringgit, or 2.38%, to 5,081 ringgit ($1,137.20) a metric ton at closing.
The contract fell 0.37% for the week.
"This rumour about a possibility of Indonesia revising levy or tax structure caused some panic buying," a Kuala Lumpur-based trader said.
There was no official announcement on the levy changes andIndonesian officials did not respond to Reuters' request for comments about the rumour.
Profit taking ahead of the weekend and recovery in Chicago soyoil and Dalian palm olein added strength to the contract, another trader said.
Dalian's most-active soyoil contract DBYcv1 fell 0.46%,while its palm oil contract DCPcv1 rose 2.06%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 2.33%.
Palm oil tracks price movements of rival edible oils, as it competes for a share in the global vegetable oils market.
Malaysian palm oil exports in Nov. 1-15 declined between 6% to 7.3% from a month ago, data fromAmSpec Agri and cargo surveyorIntertek Testing Services said on Friday, but improved from Nov. 1-10 export data.
Indonesia's government reaffirmed to lawmakers this week a plan to implement a 40% mandatory biodiesel mix with palm oil-based fuel, known as B40, in January 2025, as part of the new government's "quick wins" programmes.
The European Parliament sought on Thursday to water down a ban on the import of commodities such as beef and soy linked to deforestation, and backed a one-year delay to the new rule, in a fresh push-back against the EU's environmental agenda.
($1 = 4.4680 ringgit)
Reporting by Bernadette Christina and Dewi Kurniawati; Editing by Subhranshu Sahu, Rashmi Aich and Vijay Kishore
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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