VEGOILS-Palm oil inches up on concerns over weak November production

  • Reuters
  • Commodities News
VEGOILS-Palm oil inches up on concerns over weak November production

KUALA LUMPUR, Nov 12 (Reuters) - Malaysian palm oil futures edged up on Thursday, extending the previous session's sharp gains, on concerns over weak November production and gains in rival oil contracts.

The benchmark palm oil contract FCPOc3 for January delivery on the Bursa Malaysia Derivatives Exchange rose 7 ringgit, or 0.21%, to 3,353 ringgit ($811.86) a tonne during 0254 GMT, after three days of gains.

Palm rose nearly 3% to its highest level in 8-1/2 years on Wednesday after the Southern (NYSE: SO ) Palm Oil Millers Association estimated production during Nov. 1-10 fell 12% from the month before, according to traders.

October production had already fallen 7.8% from the previous month to 1.72 million tonnes, its lowest since May, data from the Malaysian Palm Oil Board on Tuesday showed.

FUNDAMENTALS

* Dalian's most-active soyoil contract DBYc3 rose 0.6%, while its palm oil contract DCPc3 were up 0.9%. Soyoil prices on the Chicago Board of Trade BOc1 fell 0.7%.

* 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 rise into a range of 3,381-3,426 ringgit per tonne, as suggested by a projection analysis, Reuters technical analyst Wang Tao said. TECH/C

MARKET NEWS

* Stocks in Asia were set to continue their gains on Thursday, buoyed again by continued global stimulus efforts and hopes of a coronavirus vaccine. MKTS/GLOB

DATA/EVENTS

0700 Germany HICP Final YY

Oct

0700 UK

GDP Est 3M/3M

Sept

0700 UK

GDP Estimate MM, YY

Sept

0700 UK

Manufacturing Output MM Sept

0700 UK

GDP Prelim QQ, YY

Sept

1200 India

Industrial Output YY

Sept

1330 US

CPI MM, SA

Oct

1330 US

Initial Jobless Clm

Weekly ($1 = 4.1300 ringgit)

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