VEGOILS-Palm oil rises; cheaper rival oils cap gains
SINGAPORE, July 29 (Reuters) - Malaysian palm oil prices gained in early trade on Thursday, reversing a sharp fall in the previous session, although weaker rival oils capped gains.
The benchmark palm oil contract FCPOc3 for October delivery on the Bursa Malaysia Derivatives Exchange rose 32 ringgit, or 0.7%, to 4,337 ringgit ($1,027.00) a tonne during early trade.
The contract fell 2.6% in the previous session after a three-day rally due to lower demand from top buyers India and China.
Meanwhile, rival oils on the Dalian Commodity Exchange and Chicago Board of Trade (CBOT) declined.
Dalian's most-active soyoil contract DBYcv1 fell 1.4% and its palm oil contract DCPcv1 dropped 1.1%. Meanwhile, soybean oil prices BOc2 on the CBOT slipped 0.2%.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
Palm oil may fall into a range of 4,153-4,196 ringgit per tonne, due to the completion of a five-wave cycle, Reuters analyst Wang Tao said.TECH/C
* Oil prices slipped but remained near $75 per barrel on Thursday as crude stockpiles in the United States, the world's top oil consumer, fell last week to their lowest since January 2020 and imports and production dropped.O/R
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($1 = 4.2230 ringgit)
(Reporting by Fathin Ungku; Editing by Amy Caren Daniel)
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