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 VEGOILS-Palm rises for third day on stronger rival oils

30.09.2021 (www.todayonline.com) - SINGAPORE, Sept 30 - Malaysian palm oil futures rose for a third straight session on Thursday, helped by strength in rival oils on the Dalian Commodity Exchange and the Chicago Board of Trade.

The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange rose 71 ringgit, or 1.6%, to 4,525 ringgit a tonne in early trade.

The contract is set to rise 6.5% in September, reversing last month's losses, underpinned largely by supply worries.

Thursday's rise was supported by stronger rival oils elsewhere, especially on the Dalian, two traders told Reuters.

The palm oil contract on the Dalian Commodity Exchange last traded up 2.8%, while its soybean contract jumped 2.1% higher.

The Dalian contracts rose higher on short-covering ahead of China's Golden Week holidays which starts on Friday, the traders said.

Meanwhile, CBOT soyoil also rose ahead of a widely watched U.S. Department of Agriculture (USDA) report that is expected to show smaller stocks in the United States.

The CBOT soybean oil contract last edged 0.5% higher.

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.


* Oil prices fell on Thursday, extending losses after official figures showed an unexpected rise in inventories in the United States although prices seem to have stabilised following a recent run of gains.

DATA/EVENTS (GMT) 0100 China NBS Manufacturing PMI Sept 0145 China Caixin Mfg PMI Final Sept 0600 UK GDP QQ, YY Q2 0600 UK Nationwide house price MM, YY Sept 0645 France CPI (EU Norm) Prelim YY Sept 0755 Germany Unemployment Chg, Rate SA Sept 0900 EU Unemployment Rate Aug 1200 Germany CPI Prelim YY Sept 1200 Germany HICP Prelim YY Sept 1230 US GDP Final Q2 1230 US Initial Jobless Clm Weekly REUTERS

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