Palm drops over 3% on higher stockpile estimates, weaker rival oils

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MG News | November 05, 2021 at 09:19 AM GMT+05:00

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November 5, 2021: Malaysian palm oil futures fell more than 3% on Friday and were set for a weekly drop, weighed down by sharp losses in rival oils and expectations of higher end-October inventories.

The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange slid 163 ringgit, or 3.2%, to 4,910 ringgit ($1,180.57) a tonne in early trade.

Palm was set for a 2.3% weekly decline, the third in four weeks.

FUNDAMENTALS

* Malaysia's palm oil stocks likely rose by 3.5% month-on-month to 1.81 million tonnes at end-October due to lower export volumes, Ivy Ng, regional head of plantations research at CGS-CIMB Research, said in a note.

* A survey by CGS-CIMB Futures showed October output probably fell 1.2% from the month before, while export volume likely dropped 13%, Ng said.

* The Malaysian Palm Oil Board is scheduled to release October supply and demand data on Nov. 10.

* Dalian's most-active soyoil contract fell 2.7%, while its palm oil contract slipped 2.9%. Soyoil prices on the Chicago Board of Trade were down 0.03%, after declining 2% in the previous session.

* 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 towards 5,187 ringgit, as it has broken a key resistance at 5,048 ringgit per tonne, Reuters technical analyst Wang Tao said.

Reuters

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