Malaysian Palm Oil Council Russia's Post

VEGOILS-Palm oil steady as higher stocks offset rising exports

MUMBAI, Nov 16 (Reuters) - Malaysian palm oil futures were little changed on Wednesday morning, trading near their lowest level in more than two weeks as higher stocks offset rising exports and concerns over production.

The benchmark palm oil contract FCPOc3 for February delivery on the Bursa Malaysia Derivatives Exchange gained 1 ringgit, or 0.02%, to 4,067 Malaysian ringgit ($898.78) a tonne during early trade.

FUNDAMENTALS
Malaysia's palm oil stocks at the end of October expanded for a fifth month to a three-year high as production improved, data from the nation's palm oil board showed on Friday.

Exports from Malaysia, the world's second-largest producer, rose between 10.7% and 12.7% in the Nov. 1-15 period, compared to the same weeks in October, cargo surveyors data showed.

Disruptions to palm oil supplies because of tropical storms in top producers Indonesia and Malaysia are expected to continue into the first quarter of 2023, keeping prices strong, the Malaysian Palm Oil Board (MPOB) said on Monday.

India raised the base import prices of crude and refined palm oil, the government said in a statement on Tuesday, as prices rose in the world market.

MARKET NEWS
Asian stocks dropped and the dollar gained on Wednesday after blasts in Poland that Ukraine and Polish authorities said were caused by Russian-made missiles.
By: via Malaysian Palm Oil Council Russia