Palm oil rises on firmer rivals, higher Malaysian export estimates
KUALA LUMPUR, July 16 (Reuters) -Malaysian palm oil futures rose on Tuesday, as stronger rival Dalian and Chicago contracts and higher export estimates underpinned the market.
The benchmark palm oil contract FCPOc3 for October delivery on the Bursa Malaysia Derivatives Exchange gained 48 ringgit or 1.24%, to 3,922 ringgit ($838.57) a metric ton by 0247 GMT.
FUNDAMENTALS
* Dalian's most-active soyoil contract DBYcv1 rose 0.26%, while its palm oil contract DCPcv1 added 1.22%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 1.05%.
* Palm oil is affected by price movements in related oils as they compete for a share of the global vegetable oils market.
* Exports of Malaysian palm oil products for July 1-15 rose between 65.9% and 75.6% from a month earlier, according to cargo surveyors Intertek Testing Services and AmSpec Agri.
* Cargo surveyor Societe Generale de Surveillance estimates exports of Malaysian palm oil products for July 1-15 at 786,830 tons, from 488,388 tons shipped during June 1-15, according to LSEG.
* Oil prices edged lower on Tuesday on worries about a slowing Chinese economy crimping demand, though a growing consensus that the U.S. Federal Reserve will begin cutting its key interest rate as soon as September limited declines. O/R
* Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.
* Malaysia's benchmark crude palm oil futures are expected to average between 3,850 ringgit and 4,000 ringgit per ton this year, a slight increase from the 3,800 ringgit per ton average in 2023, the Malaysian Palm Oil Association said on Monday.
* The ringgit MYR=, palm's currency of trade, weakened 0.15% against the dollar, making the commodity less expensive for buyers holding foreign currencies.
* Palm oil is expected to fall into a range of 3,783-3,823 ringgit per metric ton, driven by a wave c, Reuters technical analyst Wang Tao said. TECH/C
MARKET NEWS
* Asian shares fell on Tuesday as investors pondered the prospect of a Trump victory and what that would mean for China, while the dollar climbed for a second day even though dovish Fed comments fuelled bets of more U.S. rate cuts this year. MKTS/GLOB
DATA/EVENTS
0900 EU Total Trade Balance SA May
0900 Germany ZEW Economic Sentiment July
0900 Germany ZEW Current Conditions July
1230 US Import Prices YY June
1230 US Retail Sales MM June
($1 = 4.6770 ringgit)
Reporting by Danial Azhar; Editing by Varun H K
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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