Palm oil rises for second day on firmer soyoil, Malaysia production concerns
Updates with closing price
KUALA LUMPUR, Sept 19 (Reuters) -Malaysian palm oil futures extended gains to a second consecutive session onThursday, underpinned by firmer soyoil prices and production concerns in the world's second-biggest producer.
The benchmark palm oil contract FCPOc3 for December delivery on the Bursa Malaysia Derivatives Exchange closed 34 ringgit, or 0.88%, higher at 3,879 ringgit ($921.82) a metric ton.
The contract rose as much as 3.17% to trade at a high of 3,967 ringgit a metric ton earlier in the session before paring back the gains.
The rebound in soyoil prices is supportingMalaysian palm oil futures, with production concerns in Malaysia lending further support, a Mumbai-based dealer said.
Dalian's most-active soyoil contract DBYcv1 rose 1.21%,while its palm oil contract DCPcv1 added 3.6%.Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.05%.
Palm oil tracks prices of rival edible oils as they compete for a share of the global vegetable oils market.
The ringgit MYR=, palm's currency of trade, strengthened 0.87%against the U.S. dollar, making the commodity more expensive for buyers holding foreign currencies and capping the gains.
Oil prices rose on Thursday after a large interest rate cut from the U.S. Federal Reserve, but Brent was still hovering around its lowest levels of the year, below $75, on expectations of weaker global demand. O/R
Brent crude futures LCOc1 for November were up 1.19% at $74.53 a barrel as of 1000 GMT. Firmer crude oil futures make palm a more attractive option for biodiesel feedstock.
Crude palm oil prices are expected to remain stable this month, as a strengthening ringgit offset tighter supplies and stagnant exports to key destinations, state agency the Malaysian Palm Oil Council (MPOC) said.
The prices would be seen trading in the 3,850-4,050 ringgit a metric ton range in September, MPOC added.
India's edible oil consumption is set to grow at 2%-3% as cooking oils remain affordable despite an import duty hike, a leading importer told Reuters on Wednesday.
($1 = 4.2080 ringgit)
Reporting by Danial Azhar and Rajendra Jadhav in Mumbai; Editing by Rashmi Aich and Sumana Nandy
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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