VEGOILS-Palm oil gains 2%, lingers at over 8-yr high as supply tightens
KUALA LUMPUR, Nov 11 (Reuters) - Malaysian palm oil futures rose on Wednesday, lingering at over eight-year highs hit in the previous session, as October stockpiles slumped and rivals Dalian and soybean oil firmed.
The benchmark palm oil contract FCPOc3 for January delivery on the Bursa Malaysia Derivatives Exchange rose 67 ringgit, or 2.1%, to 3,326 ringgit ($807.28) a tonne during early trade.
Palm is up for a third straight day to trade at its highest since May 2012.
* Malaysia's October palm oil inventories slumped to their lowest since June 2017, down 8.6% on-month, on lower production, according to the Malaysian Palm Oil Board on Tuesday. Export during Nov. 1-10 fell between 17% and 19% with shipments to India contracting as pre-Diwali seasonal buying ends, cargo surveyors data showed. Dalian's most-active soyoil contract DBYc3 rose 1.9%, while its palm oil contract DCPc3 gained 2.6%. Soyoil prices on the Chicago Board of Trade BOc1 were up 1.3%.
* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
* Palm oil is poised to break a resistance at 3,261 ringgit per tonne, and rise into a range of 3,300-3,348 ringgit, Reuters technical analyst Wang Tao said. TECH/C
* Stock markets gained on Wednesday, as news of a working COVID-19 vaccine seemed to inoculate investors against worry about surging infections in Europe and the United States, while the kiwi rose as traders thought the central bank sounded upbeat. MKTS/GLOB
No major data/events expected on Wednesday
($1 = 4.1200 ringgit)
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.
Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb
Drop an image here or