Palm hits three-week high, tracks Dalian rivals
JAKARTA, Oct 19 (Reuters) - Malaysian palm oil futures rose for a second session on Monday to their highest in more than three weeks, tracking edible oils on the Dalian exchange higher.
The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange gained 25 ringgit, or 0.52%, to 4,794 ringgit ($1,175)a metric ton by 0235 GMT. The contract gained 3.85% last week, a second consecutive gain.
FUNDAMENTALS
Dalian's most-active soyoil contract rose 0.6%, while its palm oil contract climbed 1.07%. Soyoil prices on the Chicago Board of Trade were unchanged
Palm oil tracks rival edible oils, as it competes for a share of the global vegetable oils market
Palm oil mills in Indonesia's West Kalimantan province reduced processing of fresh fruit bunches in September as receded river levels disrupted palm oil transportation.
Oil prices slipped on Monday after US President Donald Trump waived sanctions and tariffs on Russia that may lead to more Russian fuel exports.O/R
Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.
Palm oil FCPOc3 may climb into a range of 4,799 to 4,820 ringgit per metric ton, as it has broken a resistance at 4,766 ringgit, Reuters technical analyst Wang Tao said. TECH/C
MARKET NEWS
Asian share markets slipped on Monday as unease over AI's enormous funding needs undermined confidence ahead of a week packed with earnings, while the euro eased in the wake of rioting across France.MKTS/GLOB
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($1 = 4.0790 ringgit)