VEGOILS-Palm up for fourth day, hits over 8-year high on weak output worries

  • Reuters
  • Stock Market News
VEGOILS-Palm up for fourth day, hits over 8-year high on weak output worries
Credit: © Reuters.

(Updates with closing prices, adds details)

By Mei Mei Chu

KUALA LUMPUR, Nov 12 (Reuters) - Malaysian palm oil futures extended gains for a fourth session on Thursday, hitting their highest in over eight years, on concerns over lower production estimates for this month.

The benchmark palm oil contract FCPOc3 for January delivery on the Bursa Malaysia Derivatives Exchange closed 49 ringgit, or 1.5%, higher at 3,395 ringgit ($822.43) a tonne, its highest closing level since May 2, 2012.

Palm rose nearly 3% on Wednesday after the Southern (NYSE: SO ) Palm Oil Millers Association estimated production during Nov. 1-10 fell 12% from the prior month, according to traders.

This added to concerns after data from the Malaysian Palm Oil Board on Tuesday showed October production fell 7.8% from the previous month to 1.72 million tonnes, its lowest since May.

Indonesia exported 2.76 million tonnes of palm oil and its products, such as oleochemicals, in September, are down 15% from the same month last year, data from Indonesian Palm Oil Association showed. most-active soyoil contract DBYc3 fell 0.2%, while its palm oil contract DCPc3 was up 0.6%.

Soyoil prices on the Chicago Board of Trade BOc1 fell 0.2%.

Chicago soybean futures eased but had hit an over four-year high in the last session on strong demand and concerns over global supplies. oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market. ($1 = 4.1280 ringgit)

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