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Palm oil opens 1% higher on hotter weather, stronger soyoil

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SINGAPORE, April 24 (Reuters) -Malaysian palm oil futures rose for a third consecutive session on Wednesday amid hotter weather in the key producing nation and higher soyoil prices, although a stronger ringgit capped gains.

The benchmark palm oil contract FCPOc3 for July delivery on the Bursa Malaysia Derivatives Exchange rose 41 ringgit, or 1.03% to 4,012 ringgit ($840.56) a metric ton, as of 0230 GMT.

It had gained 0.53% during overnight trade.


* Malaysia's meterological agency increased the issuance of Level 1 hot weather alerts to over 20 areas on Tuesday evening. Hot weather negatively affects palm yields.

* Dalian's most-active soyoil contract DBYcv1 rose 1.05%, while its palm oil contract DCPcv1 increased 1.05%. Soyoil prices on the Chicago Board of Trade BOcv1 ticked up 0.07%.

* Soyoil prices rose as soybeans edged up slightly on U.S. spring planting risks.

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

* The Malaysian ringgit MYR=, palm's currency of trade, strengthened 0.1% against the dollar. A stronger ringgit makes palm oil less attractive for foreign currency holders.

* Palm oil still targets 4,039 ringgit per ton, as a bounce from the bounce from Monday low of 3,880 ringgit has only partially completed, said Reuters technical analyst Wang Tao. TECH/C


* Asian stocks surged tracking Wall Street, as earnings from U.S. companies, including EV maker Tesla TSLA.O, lifted risk sentiment, while the yen was rooted at 34-year lows keeping traders wary of possible intervention from Tokyo. MKTS/GLOB

* Oil prices rose in early trade, extending gains from Tuesday, after industry data showed a surprise drop in U.S. crude stocks last week, a positive sign for demand, and attention shifted away from hostilities in the Middle East. O/R


0800 Germany Ifo Business Climate New April

0800 Germany Ifo Curr Conditions New April

0800 Germany Ifo Expectations New April

1000 UK CBI Business Optimism Q2

1230 US Durable Goods March

($1 = 4.7730 ringgit)

Reporting by Cassandra Yap; Editing by Rashmi Aich

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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