Palm reverses losses on stronger crude oil prices
Updates closing price and trader's comment
KUALA LUMPUR, Oct 7 (Reuters) -Malaysian palm oil futures reversed early losses to end higher on Monday for a second consecutive session, driven by higher crude oil prices.
The benchmark palm oil contract FCPOc3 for December delivery on the Bursa Malaysia Derivatives Exchange ended the session up 1.05% at 4,345 ringgit ($1,015.66) a metric ton, after falling to as low as 4,247 ringgit earlier in the day.
The contract has gained 3.87% over the last two sessions.
Firmer crude oil prices and the anticipation of the resumption of trading on the Dalian Commodity Exchange on Tuesday lifted Malaysian palm oil futures after the midday break, a Kuala Lumpur-based trader said.
The Dalian's vegetable oil markets were closed for China's Golden Week holiday since Oct. 1.
Soyoil prices on the Chicago Board of Trade BOcv1 were down 0.09%.
Chicago corn and soybean futures fell as a stronger dollar and expectations of good harvest weather, as well as record inventories in the U.S., provided headwinds to prices.
Palm oil tracks price movements of rival edible oils, as they compete for a share of the global vegetable oils market.
Oil prices extended gains, driven by fears of a wider Middle East conflict and potential disruption to exports from the major oil-producing region. O/R
Brent crude futures LCOc1 rose 2.2% to $79.77 a barrel as of 1005 GMT. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.
The ringgit MYR=, palm's currency of trade, weakened 1.49% against the dollar, making the commodity cheaper for buyers holding foreign currencies.
($1 = 4.2780 ringgit)
Reporting by Ashley Tang; Editing by Sherry Jacob-Phillips, Mrigank Dhaniwala and Varun H K
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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