VEGOILS-Palm opens higher on strong rival oils, crude oil

KUALA LUMPUR, Oct 16 (Reuters) - Malaysian palm oil futures opened higher on Thursday, extending gains for a second consecutive session, supported by stronger rival edible oils and crude oil prices.

The benchmark palm oil contract FCPOc3 for January delivery on the Bursa Malaysia Derivatives Exchange gained 14 ringgit, or 0.31%, to 4,526 ringgit ($1,071.50) a metric ton in early trade.

FUNDAMENTALS

Dalian's most-active soyoil contract DBYcv1 rose 0.24%, while its palm oil contract DCPcv1 added 0.28%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.53%.

Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market.

Oil prices rose by around 1% in early trade after U.S. President Donald Trump said Indian Prime Minister Narendra Modi had pledged his country would stop buying oil from Russia, which supplies about one-third of its imports. O/R

Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.

The ringgit MYR=, palm's currency of trade, strengthened 0.14% against the dollar, making the commodity slightly more expensive for buyers holding foreign currencies.

India's palm oil imports in September dropped to their lowest point since May as refiners shifted to cheaper soyoil, shipments of which hit a more than three-year high, the Solvent Extractors' Association of India said.

Cargo surveyors estimated that exports of Malaysian palm oil products during October 1-15 rose between 12.3% and 16.2% from a month-ago levels.

Palm oil looks neutral in a range of 4,484 ringgit to 4,530 ringgit per metric ton, and an escape could suggest a direction, Reuters technical analyst Wang Tao said. TECH/C

MARKET NEWS

MKTS/GLOB

DATA/EVENTS

0430 Japan Tertiary Ind Act NSA Aug

0600 UK GDP Est 3M/3M Aug

0600 UK GDP Estimate MM, YY Aug

0600 UK Services MM, YY Aug

0600 UK Manufacturing Output MM Aug

0900 EU Total Trade Balance SA Aug

1230 US Philly Fed Business Indx Oct

1230 US PPI Machine Manuf'ing Sep

1230 US Retail Sales MM Sep

($1 = 4.2240 ringgit)

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