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.

FUNDAMENTALS

* 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

MARKET NEWS

* 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

DATA/EVENTS

0030 Japan

Services PMI

Oct

0700 Germany Industrial Orders MM Sept

1200 UK

BOE Bank Rate

Nov

1200 UK

GB BOE QE Corp

Nov

1330 US

Initial Jobless Clm Weekly

1900 US

Federal Open Market Committee announces its

decision on interest rates followed by statement

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