Palm oil advances for sixth day on rising exports
BEIJING, July 23 (Reuters) -Malaysian palm oil futures rose on Tuesday for a sixth consecutive session, the market's longest rally since January, lifted by strong exports in July so far.
The benchmark palm oil contract FCPOc3 for October delivery on the Bursa Malaysia Derivatives Exchange gained 28 ringgit, or 0.7%, to 4,013 ringgit ($858.03) a metric ton during early trade, touching its highest since July 5.
FUNDAMENTALS
* Indonesia launched a palm oil-based biodiesel, known as B40, trial on a train on Monday, news outlet CNN Indonesia quoted an energy ministry official as saying.
* LSEG Agriculture Research said the benchmark palm oil futures contract may trend up this week towards the resistance levels of 4,000-4,020 ringgit per metric ton this week, with support at 3,840-3,860 ringgit.
* Exports of Malaysian palm oil products for July 1-20 jumped between 39.2% and 41.4% from the same period in June, cargo surveyors Intertek Testing Services and AmSpec Agri Malaysia said on Saturday.
* Oil prices slipped for a third trading session, as investors focused on the prospect of swelling oil supplies and weak demand, while showing little reaction to U.S. presidential campaign upheaval. O/R
* Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.
* Dalian's most-active soyoil contract DBYcv1 gained 1.5%, while its palm oil contract DCPcv1 rose 1.9%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.4%.
* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
MARKET NEWS
* Asian stocks bounced from one-month lows, with Taiwan's market snapping a five-day losing streak as semiconductor shares took a lead from a Wall Street recovery, while sagging commodity prices weighed on the Aussie dollar. MKTS/GLOB
DATA/EVENTS (GMT)
1400 EU Consumer Confid. Flash July
1400 US Existing Home Sales June
($1 = 4.6770 ringgit)
Reporting by Mei Mei Chu; Editing by Rashmi Aich
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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