Malaysian Palm Oil Council Russia's Post

VEGOILS-Palm oil climbs to one-week peak on tight supply hopes

KUALA LUMPUR, Dec 7 (Reuters) - Malaysian palm oil futures rose on Tuesday, hitting a one-week high on expectations of a decline in November stockpile and production.

The benchmark palm oil contract FCPOc3 for February delivery on the Bursa Malaysia Derivatives Exchange gained 69 ringgit, or 1.43%, to 4,814 ringgit ($1,137.79) a tonne during early trade, its highest since Nov. 29.
It had gained 0.6% during its first night trading session on Monday.

FUNDAMENTALS
Malaysia's palm oil inventories at end-November likely slipped 3.5% from the previous month to a four-month low of 1.77 million tonnes, a Reuters survey showed on Monday.

The Malaysian Palm Oil Association estimated production in November declined 4.74% from the month before to 1.65 million tonnes, traders said on Monday.

Investors are awaiting official data from the Malaysian Palm Oil Board due Friday.

Dalian's most-active soyoil contract DBYcv1 rose 0.4%, while its palm oil contract DCPcv1 rose 0.6%. Soyoil prices on the Chicago Board of Trade BOcv1 were 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.

Palm oil may break a resistance at 4,812 ringgit per tonne and rise into a range of 4,873-4,948 ringgit, Reuters technical analyst Wang Tao said.

MARKET NEWS
Asian stocks edged higher on receding worries about the impact of the Omicron variant while Chinese markets gained after the central bank there eased monetary policy.
By: via Malaysian Palm Oil Council Russia