Palm opens higher on strong rival oils, MPOB data in focus
KUALA LUMPUR, Oct 10 (Reuters) -Malaysian palm oil futures opened higher on Thursday after two straight sessions of falls, with stronger rival oils supporting the market, while investors awaited supply and demand data from the Malaysia Palm Oil Board (MPOB) for further cues.
The benchmark palm oil contract FCPOc3 for December delivery on the Bursa Malaysia Derivatives Exchange gained 20 ringgit, or 0.47%, to 4,272 ringgit ($995.34) a metric ton in early trade. The contract fell 2.1% in the last two sessions.
FUNDAMENTALS
* Dalian's most-active soyoil contract DBYcv1 rose 0.73%, while its palm oil contract DCPcv1 climbed 0.83%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.16%.
* Palm oil tracks price movements in rival edible oils, as they compete for a share of the global vegetable oils market.
* The MPOB is due to release its supply-demand data for September later in the day.
* The ringgit MYR=, palm's currency of trade, weakened 0.23% against the dollar, making the commodity cheaper for buyers holding foreign currencies.
* Oil prices rose in early Asian trade on concerns about potential supply disruptions in the Middle East, with Israel planning to strike oil-producer Iran, and on spikes in fuel demand as a major storm barrelled into Florida. O/R
* Brent crude futures LCOc1 for December were up 0.65% at $77.08 a barrel, as of 0244 GMT. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.
* A United Nations trade agency is launching an online platform this month to help small farmers in developing countries maintain access to Europe once new deforestation rules kick in.
* Palm oil may bounce to 4,293 ringgit per ton, as it failed again to break support at 4,206 ringgit, Reuters technical analyst Wang Tao said. TECH/C
MARKET NEWS
* Asian stocks got a lift from Chinese stocks as China's central bank kicked off its 500 billion yuan facility to spur capital markets, while the dollar lingered near a two-month high ahead of U.S. inflation data later in the day. MKTS/GLOB
DATA/EVENTS
0900 Germany Overall Comprehensive Risk Q4
0900 France Overall Comprehensive Risk Q4
0900 UK Overall Comprehensive Risk Q4
1230 US Core CPI MM, SA Sept
1230 US Core CPI YY, NSA Sept
1230 US CPI MM, SA Sept
1230 US CPI YY, NSA Sept
1230 US CPI Wage Earner Sept
1230 US Initial Jobless Clm 5 Oct, w/e
($1 = 4.2920 ringgit)
Reporting by Ashley Tang; Editing by Subhranshu Sahu
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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