By Dewi Kurniawati
JAKARTA, Dec 11 (Reuters) -Malaysian palm oil futures rose on Wednesday, tracking strength in rival vegetable oils at the Dalian and Chicago exchanges.
The benchmark palm oil contract FCPOc3 for February delivery on the Bursa Malaysia Derivatives Exchange gained 17 ringgit, or 0.34%, to 4,968 ringgit ($1,123.73) a metric ton during the morning trade.
FUNDAMENTALS
* Dalian's most-active soyoil contract DBYcv1 rose 0.96%, while its palm oil contract DCPcv1 fell 1.69%. Soyoil gained 0.54% at the Chicago Board of Trade BOcv1.
* Palm oil tracks price movements of rival edible oils as it competes for a share of the global vegetable oils market.
* Malaysia's palm oil stockpiles dropped for a second consecutive month in November, falling 2.6% from the prior month to 1.84 million tons, data from the Malaysian Palm Oil Board (MPOB) showed on Tuesday. The drop in inventories could fuel a rally in benchmark futures.
* Crude palm oil production declined 9.8% to its lowest level for the month in four years to 1.62 million tons, while palm oil exports plunged 14.7% to 1.49 million tons.
* Cargo surveyor Intertek Testing Services said on Tuesday that exports of Malaysian palm oil products for Dec. 1-10 rose 3.9%, while according to independent inspection company AmSpec Agri Malaysia it rose 1.1%.
* Palm oil FCPOc3 is expected to stabilize around support at 4,915 ringgit per metric ton and test resistance at 4,983 ringgit, Reuters technical analyst Wang Tao said. TECH/C
MARKET NEWS
* Asian stock markets and the dollar took a breather ahead of an anticipated rate cut in Canada and a U.S. inflation reading expected to leave the Fed on course to cut rates again.MKTS/GLOB
* Oil prices rose slightly, with market participants expecting to see demand rising in China next year after Beijing announced a looser monetary policy to stimulate economic growth.O/R
DATA/EVENTS (GMT)
1330 US Core CPI MM, SA Nov
1330 US Core CPI YY, NSA Nov
1330 US CPI MM, SA Nov
1330 US CPI YY, NSA Nov
1330 US CPI Wage Earner Nov
($1 = 4.4210 ringgit)
