Palm rises on strength of rival oils and crude prices, set for fifth weekly gain
KUALA LUMPUR, Oct 18 (Reuters) -Malaysian palm oil futures bounced back on Friday, buoyed by strength in rival oils and crude oil prices, with the market on track for a fifth straight weekly gain.
The benchmark palm oil contract FCPOc3 for January delivery on the Bursa Malaysia Derivatives Exchange gained 90 ringgit, or 2.1%, to 4,368 ringgit ($1,014.87) a metric ton during early trade.
The contract has risen 0.41% so far this week.
FUNDAMENTALS
* Dalian's most-active soyoil contract DBYcv1 rose 1.11%, while its palm oil contract DCPcv1 gained 1.75%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 1.24%.
* Palm oil tracks price movements of rival edible oils, as they compete for a share of the global vegetable oils market.
* Crude oil futures inched higher on Friday, supported by a surprise drop in U.S. oil inventories and simmering Middle East tensions, but prices were headed for their biggest weekly loss in more than a month on worries of lower demand. O/R
* Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.
* The ringgit MYR=, palm's currency of trade, strengthened 0.09% against the dollar, making the commodity more expensive for buyers holding foreign currencies.
* Palm oil is biased to fall into 4,153 ringgit to 4,206 ringgit per metric ton, as it has broken a rising trendline, Reuters technical analyst Wang Tao said. TECH/C
MARKET NEWS
* The dollar hovered close to an 11-week high versus major peers on Friday after robust U.S. economic data allowed for a more patient path of Federal Reserve easing. MKTS/GLOB
DATA/EVENTS
0200 China Urban Investment (YTD) YY Sept
0200 China Retail Sales YY Sept
0200 China GDP YY Q3
0200 China Unemp Rate Urban Area Sept
0600 UK Retail Sales MM Sept
0600 UK Retail Sales Ex-Fuel MM Sept
0600 UK Retail Sales YY Sept
1230 US Housing Starts Number Sept
($1 = 4.3040 ringgit)
Reporting by Ashley Tang; 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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