Palm rises on rival oils and cargo surveyor data, set for 4th weekly gain
Updates midday prices and adds trader's comments
KUALA LUMPUR, Oct 11 (Reuters) -Malaysian palm oil futures rose on Friday and were on track for a fourth straight weekly gain, supported by firmer rival edible oils and positive export data from cargo surveyors.
The benchmark palm oil contract FCPOc3 for December delivery on the Bursa Malaysia Derivatives Exchange rose 89 ringgit, or 2.1%, to 4,322 ringgit ($1,008.63) a metric ton by the midday break. The contract has risen 0.51% so far this week.
Several factors, including robust export figures from cargo surveyors for the Oct. 1-10 period, stronger Dalian Commodity Exchange vegetable oils and Chicago soyoil's gains overnight, were behind the market's performance on Friday, said Darren Lim, a commodities strategist with Singapore-based brokerage firm Philip Nova.
"From a technical perspective, we are also observing a pattern which is typically indicative of a bullish trend," he said.
Dalian's most-active soyoil contract DBYcv1 rose 1.17%, while its palm oil contract DCPcv1 climbed 1.95%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.64%.
Palm oil tracks the price movements of rival edible oils, as they compete for a share of the global vegetable oils market.
Cargo surveyors estimated exports of Malaysian palm oil products during Oct. 1-10 rose between 13.6% and 18.9% from a month earlier.
The ringgit MYR=, palm's currency of trade, strengthened 0.07% against the dollar, making the commodity more expensive for buyers holding foreign currencies.
Oil eased after a rally in the previous day, but prices remained set for a second straight weekly gain as investors weighed the impact of hurricane damage on U.S. demand against any broad supply disruption if Israel attacks Iranian oil sites. O/R
Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.
Palm oil looks neutral in a range of 4,206 ringgit to 4,293 ringgit per ton, and an escape could suggest a direction, Reuters technical analyst Wang Tao said. TECH/C
($1 = 4.2850 ringgit)
Reporting by Ashley Tang; Editing by Eileen Soreng and 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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