Palm oil gains for third session, tracking crude and Dalian

Business Recorder reported that Malaysian palm oil futures finished higher for a third consecutive session on Wednesday, helped by firmer crude and gains in rival vegetable oils on Dalian. The December contract at Bursa Malaysia Derivatives Exchange climbed 17 ringgit, or 0.36%, to close at 4,699 ringgit ($1,151.72) per metric ton. A trader in Kuala Lumpur linked the session's moves to Dalian performance and crude pricing.

Crude prices rose on Wednesday after an assault on the central office of Saudi Arabia's national petroleum producer, and Iranian officials told Reuters they were trying new ways to hit vessels, aiming to keep oil expensive and affect the US midterm polls. Higher crude makes palm oil more attractive as a biodiesel ingredient. Dalian's soyoil contract advanced 0.71% and its palm contract added 0.98%, while Chicago soyoil rose 0.03%.

A Malaysian Palm Oil Board circular showed a cut to the November crude palm oil reference price, which keeps the export duty at 10%. Palm stockpiles reached 3.51 million metric tons in September as output hit a record that beat expectations. Cargo surveyors put exports for October 1-10 up between 33.5% and 37.7% from a month earlier. The ringgit firmed 0.1% against the dollar, making the commodity slightly pricier for buyers holding other currencies.