Palm rises on Dalian strength, softer ringgit
JAKARTA, Aug 22 (Reuters) -Malaysian palm oil futures rose for a second straight session on Thursday, underpinned by gains in Dalian palm oil and a weaker ringgit.
The benchmark palm oil contract FCPOc3 for November delivery on the Bursa Malaysia Derivatives Exchange gained 12 ringgit, or 0.32%, to 3,766 ringgit ($860.41) a metric ton by 0249 GMT. The contract traded in a range of 3,741 to 3,773 ringgit in early trade.
FUNDAMENTALS
* Dalian's palm oil contract DCPcv1 gained 0.73%, while the most-active soyoil contract DBYcv1 was down 0.03%. Soyoil prices on the Chicago Board of Trade BOc2 fell 1%.
* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
* Exports of Malaysian palm oil products for Aug. 1-20 fell between 16.7% and 18.4% from a month earlier, data from cargo surveyors Societe Generale de Surveillance (SGS), Intertek Testing Services and AmSpec Agri Malaysia showed.
* The Malaysian ringgit, palm's currency of trade, inched lower for a second straight session. A weaker ringgit makes the vegetable oil more attractive to foreign currency holders.
* Palm oil may retest resistance of 3,782 ringgit per metric ton, a break above could confirm both a target of 3,809 ringgit and an inverted head-and-shoulders. TECH/C
MARKET NEWS
* Asian shares inched higher while the dollar was pinned to one-year lows on sterling and the euro as Federal Reserve minutes showed policymakers were ready to start cutting U.S. interest rates.MKTS/GLOB
DATA/EVENTS (GMT)
0500 Japan Chain Store Sales YY July
0715 France HCOB Mfg Flash PMI August
0715 France HCOB Services Flash PMI August
0715 France HCOB Composite Flash PMI August
0730 Germany HCOB Composite Flash PMI August
0730 Germany HCOB Services Flash PMI August
0730 Germany HCOB Composite Flash PMI August
0800 EU HCOB Mfg Flash PMI August
0800 EU HCOB Services Flash PMI August
0800 EU HCOB Composite Flash PMI August
0830 UK Flash Composite PMI August
0830 UK Flash Manufacturing PMI August
0830 UK Flash Services PMI August
1230 US Initial Jobless Clm 17 August, w/e
1345 US S&P Global Mfg PMI Flash August
1345 US S&P Global Svcs PMI Flash August
1345 US S&P Global Comp Flash PMI August
1400 EU Consumer Confid. Flash August
1400 US Existing Home Sales July
($1 = 4.3770 ringgit)
Reporting by Bernadette Christina; 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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