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Palm rises for sixth session on Dalian oils' strength



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KUALA LUMPUR, Sept 25 (Reuters) -Malaysian palm oil futures rose for a sixth straight session on Wednesday despite a stronger ringgit, as gains in rival Dalian edible oils supported the market.

The benchmark palm oil contract FCPOc3 for December delivery on the Bursa Malaysia Derivatives Exchange climbed 38 ringgit, or 0.95%, to 4,026 ringgit ($977.18) a metric ton by 0238 GMT.


FUNDAMENTALS

* Dalian's most-active soyoil contract DBYcv1 rose 1.03%, while its palm oil contract DCPcv1 added 1.04%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.18%.

* Palm oil tracks price movements in rival edible oils, as they compete for a share of the global vegetable oils market.

* The ringgit MYR=, palm's currency of trade, strengthened 0.72% against the dollar, making the commodity more expensive for buyers holding foreign currencies.

* Indonesia's palm oil exports in July were 2.241 million metric tons, down 36% from a year earlier, data from Indonesian palm oil association GAPKI showed.

* Oil prices steadied after rising in the previous session on fading excitement for the economic stimulus in China, the world's biggest crude importer, though an industry report showing falling U.S. crude and fuel inventories supported the market. O/R

* Brent crude futures LCOc1 for November were down 0.29% at $74.95 a barrel, as of 0252 GMT. Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.

* Palm oil may test resistance at 4,067 ringgit per metric ton, a break above which could open the way towards 4,120 ringgit to 4,153 ringgit range, Reuters technical analyst Wang Tao said. TECH/C


MARKET NEWS

* Chinese stocks surged, lifting regional markets and helping extend a stimulus-fuelled global rally that also underpinned risk-sensitive currencies, while Brent crude hovered near a three-week high. MKTS/GLOB

DATA/EVENTS

0500 Japan Chain Store Sales YY Aug

1000 France Unemp Class-A SA Aug

1400 US New Home Sales-Units Aug



($1 = 4.1200 ringgit)



Reporting by Ashley Tang; Editing by 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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