JAKARTA, Sept 29 (Reuters) - Malaysian palm oil futures rose on Thursday after plunging to a near 20-month low in the previous session, with gains in rival Dalian and Chicago soyoil underpinning the market.
The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange jumped 130 ringgit, or 4.03%, to 3,356 ringgit ($722.81) per tonne in early trade. The contract fell more than 17% in the previous five sessions of losses.
FUNDAMENTALS
* Dalian's most-active soyoil contract rose 0.59%, while its palm oil contract slid 0.81%. Soyoil prices on the Chicago Board of Trade gained 0.80%.
* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
* Exports of Malaysian palm oil products for Sept. 1-25 rose between 18.6% and 20.9% from a month ago, cargo surveyors said.
* Palm oil is expected to bounce into a range of 3,360-3,427 ringgit, as it has found a support at 3,243 ringgit per tonne, Reuters technical analyst Wang Tao said.
MARKET NEWS
* Brazilian soybean processors have temporarily halted units as crushing margins turned negative, reflecting weak domestic demand for biodiesel and high vegetable oil inventories, analysts said on Wednesday.
* Oil prices fell in early Asian trade as a strong dollar and economic woes outweighed optimism over consumer demand.
* Asian share markets rose after Britain's central bank launched an emergency bond buying programme to stabilise a furious sell-off in gilts, though trade was skittish and sterling remained under pressure.
DATA/EVENTS 0900 EU Consumer Confid. Final Sept 1200 Germany CPI Prelim YY Sept 1200 Germany HICP Prelim YY Sept 1230 US GDP Final Q2 1230 US Initial Jobless Clm Weekly ($1 = 4.6430 ringgit) (Reporting by Bernadette Christina; Editing by Subhranshu Sahu)
