Palm oil gains ahead of key data, hopes of stronger Nov exports

November 10, 2021: Malaysian palm oil futures ticked up on Wednesday, after ending lower in the previous session, as investors awaited key trade data amid hopes for higher exports in early November.

The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange gained 43 ringgit, or 0.90%, to 4,835 ringgit ($1,162.82) a tonne during early trade.

FUNDAMENTALS

* The market is awaiting October supply and demand data from the Malaysian Palm Oil Board, and Nov. 1-10 export data from cargo surveyors due later in the day.

* Market talks have pegged shipments during Nov. 1-10 to rise around 8% from the month before.

* Chicago Board of Trade (CBOT) soybean futures soared on Tuesday after the U.S. Department of Agriculture reduced its estimate for domestic yields, surprising traders who were expecting an increase.

* Dalian's most-active soyoil contract gained 0.4%, while its palm oil contract rose 0.9%. Soyoil prices on the CBOT were also up 0.4%.

* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

Reuters