Palm opens higher on stronger rival oils, firmer crude prices
KUALA LUMPUR, Oct 24 (Reuters) -Malaysian palm oil futures inched higher for a fourth straight session on Thursday, buoyed by stronger rival oils and firmer crude prices.
The benchmark palm oil contract FCPOc3 for January delivery on the Bursa Malaysia Derivatives Exchange gained 20 ringgit, or 0.45%, to 4,506 ringgit a metric ton during early trade.
The contract has so far gained 5.33% for three consecutive sessions.
FUNDAMENTALS
* Dalian's most-active soyoil contract DBYcv1 rose 0.31%, while its palm oil contract DCPcv1 added 0.63%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.39%.
* Palm oil tracks price movements of rival edible oils, as they compete for a share of the global vegetable oils market.
* Oil prices edged higher, recouping some of the more-than-1% losses from the previous session after U.S. crude inventories rose much more than estimated. O/R
* Brent crude futures LCOc1 rose 1.17% to $75.84 a barrel as of 0246 GMT. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.
* The ringgit MYR=, palm's currency of trade, strengthened 0.02% against the dollar, making the commodity more expensive for buyers holding foreign currencies.
* Cargo surveyors are expected to release Malaysian palm oil export estimates for October 1-25 on Friday.
* Palm oil may break resistance at 4,518 ringgit per metric ton and rise into a range of 4,571 ringgit to 4,658 ringgit, Reuters technical analyst Wang Tao said. TECH/C
MARKET NEWS
* Asian shares fell on Thursday, while the dollar held near three-month highs and U.S. yields rose as uncertainty over the U.S. election outcome kept markets on edge, though Tesla's forecast-topping earnings provided some comfort for investors. MKTS/GLOB
DATA/EVENTS
0715 France HCOB Mfg, Svcs, Comp Flash PMIs Oct
0730 Germany HCOB Mfg, Svcs, Comp Flash PMIs Oct
0745 France Business Climate Mfg, Overall Oct
0800 EU HCOB Mfg, Svc, Comp Flash PMIs Oct
0830 UK Flash Comp, Mfg, Svcs PMIs Oct
1000 UK CBI Business Optimism Q4
1230 US Initial Jobless Clm Weekly
1345 US S&P Global Mfg, Svcs, Comp Flash PMIs Oct
1400 US New Home Sales-Units Sept
Reporting by Ashley Tang; Editing by Janane Venkatraman
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
免责声明: XM Group仅提供在线交易平台的执行服务和访问权限，并允许个人查看和/或使用网站或网站所提供的内容，但无意进行任何更改或扩展，也不会更改或扩展其服务和访问权限。所有访问和使用权限，将受下列条款与条例约束：(i) 条款与条例；(ii) 风险提示；以及(iii) 完整免责声明。请注意，网站所提供的所有讯息，仅限一般资讯用途。此外，XM所有在线交易平台的内容并不构成，也不能被用于任何未经授权的金融市场交易邀约和/或邀请。金融市场交易对于您的投资资本含有重大风险。
所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。
本网站上由XM和第三方供应商所提供的所有内容，包括意见、新闻、研究、分析、价格、其他资讯和第三方网站链接，皆保持不变，并作为一般市场评论所提供，而非投资性建议。所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为适用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。请确保您已阅读并完全理解，XM非独立投资研究提示和风险提示相关资讯，更多详情请点击 这里。
