VEGOILS-Palm oil jumps 2% on stronger Dalian oils, higher Oct exports

  • Reuters
  • Commodities News
VEGOILS-Palm oil jumps 2% on stronger Dalian oils, higher Oct exports

KUALA LUMPUR, Oct 21 (Reuters) - Malaysian palm oil futures climbed 2% on Wednesday, set for a second session of sharp gains, underpinned by strength in rival Dalian oils and higher October exports against the backdrop of slowing output.

The benchmark palm oil contract FCPOc3 , for January delivery, on the Bursa Malaysia Derivatives Exchange rose 57 ringgit, or 1.99%, to 2,915 ringgit ($703.43) a tonne during early trade, its highest since Oct. 15.

Palm rose 3% in the previous session after cargo surveyor data showed exports from Malaysia during Oct. 1-20 rose 4% from a month earlier. Shipments to the Indian subcontinent during Oct. 1-20 jumped nearly 17% on-month ahead of the Diwali festival of lights in November, according to data from Intertek Testing Services. The market is anticipating that production in Malaysia will decline in the fourth quarter of the year due to a labour shortage and wet weather conditions, after output in the seasonally strong month of September belied expectations by growing just 0.3%. Dalian's most-active soyoil contract DBYc3 rose 2.2%, while its palm oil contract DCPc4 gained 2.3%. Soyoil prices on the Chicago Board of Trade BOc1 up 0.84%.

* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

* Palm oil may break a resistance at 2,866 ringgit per tonne and rise into 2,898-2,926 ringgit range, Reuters technical analyst Wang Tao said. TECH/C

MARKET NEWS

* Asian stocks were set for modest gains on Wednesday after renewed U.S. stimulus hopes helped Wall Street higher, although wobbles in the tech sector could keep a lid on investor sentiment. MKTS/GLOB

DATA/EVENTS

0600 UK CPI YY Sept

1800 US Federal Reserve issues the

Beige Book of economic condition

($1 = 4.1440 ringgit)

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