Malaysian Palm Oil Council Russia's Post

VEGOILS-Palm falls on November stocks, weaker rival oils

KUALA LUMPUR, Dec 13 (Reuters) - Malaysian palm oil futures slid on Monday, tracking losses in rival oils and as larger-than-expected November inventories weighed on market sentiment.

The benchmark palm oil contract FCPOc3 for February delivery on the Bursa Malaysia Derivatives Exchange fell 46 ringgit, or 0.96%, to 4,754 ringgit ($1,130.29) in early trade, down for a third session in four.

FUNDAMENTALS
Exports of Malaysian palm oil products for Dec. 1-10 rose 0.2% to 572,689 tonnes from 571,450 tonnes shipped during Nov. 1-10, cargo surveyor Intertek Testing Services said on Friday.

Malaysia's palm oil end-stocks for November beat market surveys with a smaller-than-expected decline as the rise in exports came in lower than estimates, Malaysian Palm Oil Board data showed on Friday.

Dalian's most-active soyoil contract DBYcv1 slipped 1.3%, while its palm oil contract DCPcv1 lost 1.9%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.6%, after a 2.1% slump 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 test a resistance at 4,873 ringgit per tonne, a break above which could lead to a gain to 4,948 ringgit, Reuters technical analyst Wang Tao said.

MARKET NEWS
Asian stocks crept higher on Monday as investors prepared to tiptoe through a minefield of 17 central bank meetings this week and the likely early end to U.S. policy stimulus.

Oil prices rose, extending gains from last Friday, helped by growing optimism that the Omicron coronavirus variant's impact will be limited on global economic growth and fuel demand.
By: via Malaysian Palm Oil Council Russia