KUALA LUMPUR, June 25 (Reuters) - Malaysian palm oil futures inched higher on Wednesday, snapping losses from the previous session, supported by stronger Chicago soyoil and firmer crude oil.
The benchmark palm oil contract FCPOc3 for September delivery on the Bursa Malaysia Derivatives Exchange gained 11 ringgit, or 0.28%, to 3,994 ringgit ($943.32) a metric ton in early trade.
FUNDAMENTALS
* Dalian's most-active soyoil contract DBYcv1 fell 0.75%, while its palm oil contract DCPcv1 lost 0.6%. Soyoil prices on the Chicago Board of Trade (CBOT) BOcv1 rose 0.59%.
* Palm oil tracks the price movements of rival edible oils as it competes for a share of the global vegetable oils market.
* Oil prices edged higher, finding some respite after plummeting in the last two sessions, as investors assessed the stability of a ceasefire between Iran and Israel. O/R
* Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.
* The ringgit MYR=, palm's currency of trade, strengthened 0.14% against the dollar, making the commodity slightly more expensive for buyers holding foreign currencies.
* European Union soybean imports in the 2024-25 season that began last July reached 13.79 million metric tons by June 22, compared with year-ago 12.89 million tons, data published by the European Commission showed.
* The EU palm oil imports for the same period stood at 2.76 million tons compared with 41 million tons a year earlier.
* Indonesia's palm oil inventory rose 50% month-on-month by April 30 to 3.04 million metric tons, the highest since May 2024, following a decline in exports, data from Indonesia's palm oil association showed.
* Palm oil may break support of 3,978 ringgit per metric ton and fall towards 3,938 ringgit, Reuters technical analyst Wang Tao said. TECH/C
MARKET NEWS
* Asian stocks stabilised on Wednesday as crude oil hovered near multi-week lows as a ceasefire between Israel and Iran buoyed sentiment, even as hostilities threatened to flare up again. MKTS/GLOB
DATA/EVENTS
0500 Japan Leading Indicator Revised Apr
1000 France Unemp Class-A SA May
1400 US New Home Sales-Units May
($1 = 4.2340 ringgit)
cpo https://tmsnrt.rs/4kacG3v
(Reporting by Ashley Tang; Editing by Sumana Nandy)
((ashley.tang@thomsonreuters.com;))
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