Palm gains as crude oil surges on Middle East worries
Updates midday prices and adds trader's comment
KUALA LUMPUR, Oct 2 (Reuters) -Malaysian palm oil futures edged higher on Wednesday, driven by gains in crude oil prices after Iran's ballistic missile strike on Israel stoked fears of a wider conflict in the Middle East.
The benchmark palm oil contract FCPOc3 for December delivery on the Bursa Malaysia Derivatives Exchange was up 39 ringgit, or 0.97%, at 4,045 ringgit ($972.59) a metric ton at the midday break. The contract rose 1.8% in overnight trade.
The market opened higher, buoyed by firmer crude oil prices on the Middle East news, a Kuala Lumpur-based trader said.
Oil prices rose by more than a dollar due to rising concerns Middle East tensions could escalate, potentially disrupting crude output from the region, following Iran's biggest ever military blow against Israel. O/R
Brent crude futures LCOc1 for December were up 1.88% at $74.94 a barrel, as of 0518 GMT. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.
Soyoil prices on the Chicago Board of Trade BOcv1 rose 1.14%. Dalian's vegetable oil markets were closed for the Golden Week holiday in China.
Palm oil tracks price movements of rival edible oils, as they compete for a share of the global vegetable oils market.
The ringgit MYR=, palm's currency of trade, strengthened slightly against the dollar, making the commodity more expensive for buyers holding foreign currencies.
The European Union's palm oil imports so far in the 2024/25 season that started in July stood at 645,000 metric tons, as of Sept. 29, down 36% from a year earlier, data from the European Commission showed on Tuesday. The EU is the world's third-largest importer of palm oil.
Palm oil could rise into a range of 4,120 ringgit to 4,153 ringgit per metric ton, as it may have resumed its uptrend, Reuters technical analyst Wang Tao said. TECH/C
($1 = 4.1590 ringgit)
Reporting by Ashley Tang; Editing by Sonia Cheema and 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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