Malaysian Palm Oil Council Russia's Post

VEGOILS-Palm eases on profit-taking, but benchmark set for weekly gain

JAKARTA, Nov 19 (Reuters) - Malaysian palm oil futures edged lower on Friday as traders locked in profits after a recent strong performance, though the benchmark was poised for a modest weekly gain.

The benchmark palm oil contract FCPOc3 for February delivery on the Bursa Malaysia Derivatives Exchange fell 0.20% to 4,988 ringgit ($1,193.02) during early trade on Friday.

FUNDAMENTALS
Malaysia's palm oil production is expected to slow down as the peak season ends while the moonsoons bring in more rainfall.

Exports from the world's second-largest producer during Nov. 1-15 jumped as much as 29% from the previous month, cargo surveyors earlier this week.

Dalian's most-active soyoil contract DBYcv1 gained 0.79%, while its palm oil contract DCPcv1 rose 1.65%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.39%.

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 rise into a range of 5,048 ringgit to 5,101 ringgit per tonne, driven by a wave c, Reuters technical analyst Wang Tao said.

MARKET NEWS
Oil prices steadied on Friday as investors paused for breath following a day of wild swings prompted by the prospect of coordinated action by the world's major economies to release official crude reserves from stocks.

Asian shares fell on Friday as disappointing earnings from Chinese e-commerce giant Alibaba heightened worries about Beijing's broad regulatory crackdown and slowing growth in the world's second-biggest economy.
By: via Malaysian Palm Oil Council Russia