VEGOILS-Palm extends gains on weaker ringgit, stronger Dalian oils

JAKARTA, Nov 22 (Reuters) - Malaysian palm oil futures climbed on Wednesday for a third consecutive session, as the contract tracked strength in Dalian vegetable oils, while a weaker ringgit also made palm oil more attractive to foreign currency holders.
The benchmark palm oil contract FCPOc3 for February delivery on the Bursa Malaysia Derivatives Exchange was up 60 ringgit, or 1.52%, at 4,013 ringgit ($857.85) a metric ton during the early trade.
FUNDAMENTALS
Indonesia exported 2.69 million tons of palm oil products in September, down 21% on yearly basis, while stocks stood at 3.10 million tons at the end of September, data from the Indonesia Palm Oil Association (GAPKI) showed.
European Union palm oil imports so far in the 2023/24 season, which started in July, stood at 1.32 million tons by Nov. 19, versus 1.46 million a year earlier.
Soyoil prices on the Chicago Board of Trade BOc2 was down 0.13%. Dalian's most active soyoil contract DBYcv1 rose 0.22%, while its palm oil contract DCPcv1 was up 0.37%.
Palm oil prices affected by soyoil prices as they compete for a share in the global vegetable oil market.
Malaysian ringgit, the contract currency of trade, was down 0.37% against the U.S. dollar by 0236 GMT.
MARKET NEWS
Oil prices were largely unchanged in Asian trade as a potentially big build-up of U.S. crude cancelled out gains triggered by likely supply cuts from the OPEC+ producers group.