VEGOILS-Palm oil rises for third day as October inventories seen tumbling

  • Reuters
  • Commodities News
VEGOILS-Palm oil rises for third day as October inventories seen tumbling

KUALA LUMPUR, Nov 5 (Reuters) - Malaysian palm oil futures rose for a third consecutive day on Thursday, hovering at a near 10-month high hit in the previous session, amid estimates stockpiles fell to a three-year low.

The benchmark palm oil contract FCPOc3 for January delivery on the Bursa Malaysia Derivatives Exchange gained 49 ringgit, or 1.58%, to 3,146 ringgit a tonne during early trade, its highest since Jan. 10.


* Malaysia's October palm oil inventories likely slumped 9.8% month-on-month to 1.56 million tonnes, hitting a three-year low, as rainy weather and coronavirus restrictions hamper production, according to a Reuters poll. Production likely fell 5.6% to hit a five-month low of 1.77 million tonnes.

* Dalian's most-active soyoil contract DBYc3 gained 0.05%, while its palm oil contract DCPc3 rose 1%. Soyoil prices on the Chicago Board of Trade BOc1 were up 1.05%.

* 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 retest a resistance at 3,143 ringgit per tonne, a break above which could lead to a gain into 3,173-3,221 ringgit range, Reuters technical analyst Wang Tao said. TECH/C


* Asian share markets firmed on Thursday while bonds held big gains as investors awaited a clear result from the U.S. election, with the likely prospect of policy gridlock seemingly welcomed by Wall Street overnight. MKTS/GLOB


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