Malaysian palm oil futures opened higher for a second consecutive session, buoyed by stronger rival edible oils, though weaker crude oil prices limited the gains.
The benchmark palm oil contract 
FCPO1! for December delivery on the Bursa Malaysia Derivatives Exchange gained 62 ringgit, or 1.42%, to 4,441 ringgit ($1,053.62) a metric ton in early trade.
FUNDAMENTALS
* Dalian’s most-active soyoil contract (DBYcv1) rose 1.33%, while its palm oil contract CPO1! added 1.94%. Soyoil prices on the Chicago Board of Trade 
ZL1! were up 0.14%.
* Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market.
* Oil prices edged down as investors booked profits after a jump to a seven-week high during the prior session on a surprise drop in U.S. weekly crude inventories and concerns Ukraine’s attacks on Russia’s energy infrastructure could disrupt supplies. O/R
* Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.
* The ringgit 
USDMYR, palm’s currency of trade, weakened 0.24% against the dollar, making the commodity slightly cheaper for buyers holding foreign currencies.
* Indonesia’s palm oil exports to the European Union are projected to increase in 2026, supported by a bilateral trade pact and the EU postponing its anti-deforestation law for a second time, the head of an industry body said.
* Indonesia’s palm oil inventory rose by 1.5% in end-July to 2.57 million metric tons with output rising and exports falling compared to the previous month, data from the Indonesian Palm Oil Association showed.
* Argentina has re-applied temporarily suspended export taxes on grains and their by-products, as well as beef and poultry, after reaching a sales cap of $7 billion, Argentina’s ARCA fiscal agency said.
* Palm oil may extend gains into 4,457-4,492 ringgit per metric ton, Reuters technical analyst Wang Tao said. TECH/C
Thomson Reuterscpo
MARKET NEWS
* Asian shares took a breather from their recent rally on Thursday as investors positioned for month- and quarter-end flows, while the Japanese yen tested fresh lows against the euro and a surging Swiss franc. MKTS/GLOB
DATA/EVENTS
0500 Japan Chain Store Sales YY Aug
1230 US Durable Goods Aug
1230 US GDP Final Q2
1230 US Initial Jobless Clm 20 Sep, w/e
1400 US Existing Home Sales Aug
($1 = 4.2150 ringgit)