Palm oil gains on stronger Dalian rivals and weaker ringgit
KUALA LUMPUR, Oct 22 (Reuters) -Malaysian palm oil futures opened higher on Tuesday, supported by stronger Dalian rivals and a weaker ringgit.
The benchmark palm oil contract FCPOc3 for January delivery on the Bursa Malaysia Derivatives Exchange gained 40 ringgit, or 0.93%, to 4,339 ringgit a metric ton in early trade.
FUNDAMENTALS
* Dalian's most-active soyoil contract DBYcv1 rose 0.95%, while its palm oil contract DCPcv1 added 1.68%. Soyoil prices on the Chicago Board of Trade BOcv1 fell 0.05%.
* Palm oil tracks price movements of rival edible oils, as they compete for a share of the global vegetable oils market.
* The ringgit MYR=, palm's currency of trade, weakened 0.49% against the dollar, making the commodity cheaper for buyers holding foreign currencies.
* Oil prices fell, paring the previous day's nearly 2% rise as the top U.S. diplomat renewed efforts to push for a ceasefire in the Middle East, and as slow demand in top oil importer China continued to weigh on the market. O/R
* Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.
MARKET NEWS
* Asian stocks turned lower and the dollar stood by multi-month peaks as a sharp sell-off in bonds and a jump in gold suggested investors are hunkering down ahead of the U.S. election. MKTS/GLOB
DATA/EVENTS
No major data/events expected today
Reporting by Ashley Tang; Editing by Subhranshu Sahu
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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