Palm extends gain on better Nov exports, output concerns
MG News | November 11, 2021 at 09:22 AM GMT+05:00
November 11, 2021: Malaysian palm oil futures rose for a second straight session on Thursday, underpinned by cargo surveyor data showing an increase in early November exports, and concerns over a slowdown in production.
The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange gained 22 ringgit, or 0.45%, to 4,942 ringgit ($1,190.41) a tonne in early trade.
FUNDAMENTALS
* Exports of Malaysian palm oil products for Nov. 1-10 rose 13.4% to 563,093 tonnes from the same period in October, cargo surveyor Societe Generale de Surveillance said.
* "There are signs of weakness in November production with some planters observing less fruit bunches and higher rainfall," Adrian Kok, an equity analyst at Kenanga Investment Bank, said in a note.
* Kenanga forecasts November production to decline 3.8% from the month before to 1.66 million tonnes.
* Malaysia's end-October palm oil inventories rose 4.4% from the month before as exports sank while production climbed to a 13-month high, data from the palm oil board showed on Wednesday.
* Dalian's most-active soyoil contract rose 3%, while its palm oil contract was up 3.4%. Soyoil prices on the Chicago Board of Trade gained 0.3%.
* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
Reuters
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