Malaysian Palm Oil Council Russia's Post

VEGOILS-Palm oil set for 10% weekly climb as ringgit weakens

KUALA LUMPUR, Nov 4 (Reuters) - Malaysian palm oil futures rebounded on Friday and were set for a 10% weekly jump, as a weakening ringgit and recent gains in rival edible oils offered support.

The benchmark palm oil contract FCPOc3 for November delivery on the Bursa Malaysia Derivatives Exchange gained 77 ringgit, or 1.78%, to 4,414 ringgit ($930.73) a tonne during early trade, rising for four out of five sessions.

FUNDAMENTALS
Cautious market participants now eye fresh forecasts from leading analysts at the Indonesian Palm Oil Conference.

The ringgit MYR=, palm's currency of trade, fell against the dollar and is trading around it lowest since 1998.

Meanwhile, Malaysia's central bank delivered a fourth consecutive rate hike on Thursday as it sought to contain persistent inflation amid a positive growth outlook.

Dalian's most-active soyoil contract DBYcv1 rose 0.8%, while its palm oil contract DCPcv1 gained 0.5%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 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 4,459 ringgit a tonne, a break above which could lead to a gain into 4,533-4,607 ringgit range, Reuters technical analyst Wang Tao said.

MARKET NEWS
Asian equities were boosted by Hong Kong and China stocks, while the dollar was set for its best week in more than a month as investors priced in the prospect of the Federal Reserve taking interest rates above 5% next year.
By: via Malaysian Palm Oil Council Russia