Malaysian Palm Oil Council Russia's Post

VEGOILS-Palm oil firms on hopes of higher partial export data

KUALA LUMPUR, Nov 15 (Reuters) - Malaysian palm oil futures extended gains for a second straight session on Monday, underpinned by hopes of sustained exports ahead of cargo surveyor data.

The benchmark palm oil contract FCPOc3 for January delivery on the Bursa Malaysia Derivatives Exchange gained 27 ringgit, or 0.55%, to 4,962 ringgit ($1,192.79) a tonne during early trade.

FUNDAMENTALS

Cargo surveyors are scheduled to release data on Malaysia's exports during Nov. 1-15 later in the day, with market talk pegging an increase in shipments.

Dalian's most-active soyoil contract DBYcv1 rose 0.6%, while its palm oil contract DCPcv1 gained 0.7%. Soyoil prices on the Chicago Board of Trade BOcv1 were down 1%.


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 4,998 ringgit per tonne, a break above could lead to a gain to 5,048-5,101 ringgit range, Reuters technical analyst Wang Tao said. TECH/C

MARKET NEWS
Asian shares edged higher, as Chinese economic data surprised on the high side, challenging wagers the economy was stuck in a downturn although a decline in mainland house prices was a worry. MKTS/GLOB

Crude oil prices skidded under pressure from expectations of higher supplies and weakening demand.
By: via Malaysian Palm Oil Council Russia