Palm oil extends gains as ringgit weakens
By Dewi Kurniawati
JAKARTA, Sept 3 (Reuters) -Malaysian palm oil futures opened up on Tuesday, extending gains to a fourth consecutive session, supported by a steady decline of Malaysian ringgit, palm's currency of trade.
The benchmark palm oil contract FCPOc3 for November delivery on the Bursa Malaysia Derivatives Exchange was up 28 ringgit, or 0.71%, to 3,961 ringgit ($905.79) a metric ton, as of 0231 GMT.
FUNDAMENTALS
* The Malaysian ringgit MYR=, palm's currency of trade, weakened 0.53% against the dollar. A weaker ringgit makes palm oil more attractive for foreign currency holders.
* Dalian's most-active soyoil contract DBYcv1 fell 0.21%, while its palm oil contract DCPcv1 was down 0.15%. The Chicago Board of Trade BOcv1 dropped 0.5%.
* Palm oil tracks price movements in related oils as they compete for a share in the global vegetable oils market.
* Malaysia's August palm oil exports are seen at 1,376,412 metric tons, according to Amspec Agri.
* Exports of Malaysian palm oil products for August fell 9.9% to 1,445,442 metric tons from 1,604,578 metric tons shipped during July, cargo surveyor Intertek Testing Services said.
* Indonesia raised its crude palm oil (CPO) reference price for September to $839.53 per metric ton from $820.11 in August.
* Brent oil prices slid in Asian trade on Tuesday as concern about a sluggish economy in China bringing down demand outweighed the impact of a blockade of oil production facilities in Libya. O/R
* Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.
* Palm oil FCPOc3 may test support at 3,864 ringgit per metric ton, as it failed again to break resistance at 3,966 ringgit, according to Reuters' technical analyst Wang Tao.
MARKET NEWS
* Bond yields drifted higher on Tuesday, while currencies and Asia's stock markets steadied as investors waited on a raft of data to determine how deeply the U.S. can cut interest rates.MKTS/GLOB
DATA/EVENTS (GMT)
1345 US S&P Global Mfg PMI Final August
1400 US ISM Manufacturing PMI August
($1 = 4.3730 ringgit)
Reporting by Dewi Kurniawati; 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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