KUALA LUMPUR, November 29 (Reuters) – Malaysian palm oil futures rose for the second day on Tuesday, following strength in edible oils on exchanges in Dalian and Chicago, on hopes of boosting exports and pushing prices further higher .
The reference palm oil contract FCPOc3 for February delivery on the Bursa Malaysia Derivatives Exchange gained 55 ringgits, or 1.33%, to 4,195 ringgits ($931.81) a tonne at the start of trading.
* Fundamentals remain bullish with a higher export outlook and weaker production, Refinitiv Agriculture Research said in a note late Monday.
* The most active soybean oil contract in Dalian DBYcv1 rose 2.7%, while its palm oil contract DCPcv1 gained 3.7%. Chicago Board of Trade Soybean Oil Price BOcv1 extended a 2% jump overnight.
* Global commodity markets were hit on Monday by concerns over rare protests in China against COVID-19 restrictions, as oil and grains hit significant multi-month lows.
* Palm oil is impacted by related oil price movements as they compete for share of the global vegetable oil market.
* Palm oil looks neutral in a range of 4,079 to 4,176 ringgits a tonne, and a leak could suggest direction, Reuters technical analyst Wang Tao said. TECHNICAL/C
* Asian stocks edged higher as Beijing’s latest move to back developers boosted the property sector, though it’s still unclear what further damage public unrest over China’s zero-COVID policy could cause to the economy. MKTS/GLOB
DATA/EVENTS (GMT, November)
1000 EU Consumer Confid. Final
1300 Germany IPC preliminary AA
1300 Germany HICP preliminary AA
1500 US Consumer Trust
($1 = 4.5020 ringgit)
(Reporting by Mei Mei Chu; Editing by Uttaresh.V)
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