Palm reverses early decline on buying interest ahead of midday break
Updates with midday prices, comments on paragraph 4 & 5
By Dewi Kurniawati
JAKARTA, Sept 29 (Reuters) -Malaysian palm oil futures rose for the second session on Friday, reversing early losses as buying interest emerged towards the midday break.
The benchmark palm oil contract FCPOc3 for December delivery on the Bursa Malaysia Derivatives Exchange gained 30 ringgit, or 0.80%, to 3,801 ringgit ($810.97) a metric ton. The contract fell to 3,750 ringgit earlier in the session.
Palm oil futures have risen 3.26% since last week.
Despite morning gap lower opening, mainly due to weakness in CBOT soybean oil, palm saw continuous buying towards midday close, a Kuala Lumpur-based trader said.
Prices extended a positive streak driven by the ongoing Globoil conference held in Mumbai, India until Sept. 30, the trader added.
The Dalian Commodity Exchange is closed from Sept. 29 to Oct 6 for Mid-Autumn Festival and National Day. Soyoil prices on the Chicago Board of Trade BOcv1 were up at 0.32%.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
World's largest palm oil producer Indonesia exported 3.52 million metric tons of oil in July, including refined products, up 21.8% from last year, Indonesia Palm Oil Association (GAPKI) said on Friday.
India is likely to start the 2023/24 marketing year with record inventories of edible oils that will curtail new season imports.
Crude palm oil prices in 2024 are likely to average at least 11% more than this year as El Nino weather patterns are expected to reduce output in top producer Indonesia. A worsening drying trend will emerge in October.
Malaysia's palm oil production is however likely to rise next year as plentiful labour and the maturation of plantations for harvesting offset the impact of El Nino.
Cargo surveyor Intertek Testing Services said exports of Malaysian palm oil products for Sept. 1-25 rose 17.5% during the same period in August.
Independent inspection company AmSpec Agri Malaysia said exports of Malaysian palm oil products for Sept. 1-25 rose 15.2% during Aug. 1-25.
Palm oil FCPOc3 may retest resistance at 3,803 ringgit per metric ton, as its bounce from 3,677 ringgit looks incomplete, according to Reuters' technical analyst Wang Tao.
($1 = 4.6870 ringgit)
Reporting by Dewi Kurniawati; Editing by Sohini Goswami and Varun H K
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