JAKARTA, Oct 26 (Reuters) – Malaysian palm oil futures rose for a second session on Tuesday tracking strong gains in rival oils, while lingering concerns of tight supply also underpinned prices.
The benchmark palm oil contract FCPOc3 for January delivery on the Bursa Malaysia Derivatives Exchange rose as much as 1.45% to 5,042 ringgit ($1,215.53) per tonne in early trade on Tuesday, extending a 0.93% gain a day earlier.
FUNDAMENTALS
* Dalian’s palm oil contract DCPcv1 rose 2.33%, while the most-active soyoil contract DBYcv1 gained 1.68%. On the Chicago Board of Trade BOcv1, soy oil prices were up 0.22%.
* Palm oil is affected by price movements in related oils, as they compete for a share in the global vegetable oils market.
* Malaysia’s exports of palm oil products during Oct. 1-25 were at around 1.21 million tonnes, down 12.1% from the same period last month, cargo surveyor Intertek Testing Services.
* Palm oil FCPOc3 may revisit its Oct. 22 low of 4,816 ringgit per tonne, as the bounce from this level is ending, Reuters technical analyst Wang Tao said. TECH/C
MARKET NEWS
* Asian stocks inched higher, as upbeat Wall Street earnings lifted the broader economic outlook though fresh worries about China’s property sector hit Hong Kong and mainland markets. MKTS/GLOB
* Oil prices edged lower, taking a breather from a sustained rally driven by strong demand in the United States, the world’s biggest consumer of oil and its products. O/R
DATA/EVENTS (GMT)
1400 US Consumer Confidence Oct
1400 US New Home Sales-Units Sept
($1 = 4.1480 ringgit)
(Reporting by Fransiska Nangoy; Editing by Rashmi Aich)
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