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Palm oil extends gains on better demand from key buyers



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Updates with closing price

KUALA LUMPUR, May 29 (Reuters) -Malaysian palm oil futures rose for a second consecutive session on Wednesday, as demand from top buyers India and China and strength in rival Dalian contracts underpinned the market.

The benchmark palm oil contract FCPOc3 for August delivery on the Bursa Malaysia Derivatives Exchange closed 73 ringgit, or 1.84%, higher at 4,033 ringgit ($857.72) per metric ton.

Good demand from key destinations India and China as well as support from rival sunflower oil and soyoil have raised Malaysian palm oil futures to the 4,000 ringgit range, said Mitesh Saiya, trading manager at Mumbai-based trading firm Kantilal Laxmichand & Co.

"In the coming weeks, we may see the contract touching the 4,150 ringgit range," Saiya said.

Malaysian palm oil exports for May 1-25 rose between 2.4% and 3.1% from the month before, according to cargo surveyor Intertek Testing Services and independent inspection company AmSpec Agri Malaysia.

Cargo surveyor Societe Generale de Surveillance estimated the exports at 949,451 tons, compared with 931,938 tons a month earlier, according to LSEG.

Dalian's most-active soyoil contract DBYcv1 gained 1.02%, while its palm oil contract DCPcv1 added 1.55%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.48%.

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

Oil prices rose on Wednesday on expectations that major producers will extend output cuts at a meeting on Sunday and that fuel consumption will start rising with the start of the peak summer demand season. O/R

Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.

The ringgit MYR=, palm's currency of trade, weakened 0.21% against the dollar, making the commodity less expensive for buyers holding foreign currency.



($1 = 4.7020 ringgit)



Reporting by Danial Azhar; Editing by Sherry Jacob-Phillips and Mrigank Dhaniwala

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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