Malaysian Palm Oil Council Russia's Post

VEGOILS-Palm oil falls to 10-day low as China's COVID policy weighs

KUALA LUMPUR, Nov 10 (Reuters) - Malaysian palm oil futures fell on Thursday for a third straight session, hitting a 10-day low, tracking losses in rival edible oils as China's stringent COVID-19 policies hurt demand.

The benchmark palm oil contract FCPOc3 for January delivery on the Bursa Malaysia Derivatives Exchange slid 77 ringgit, or 1.83%, to 4,121 ringgit ($875.88) a tonne during early trade, its lowest since Nov. 1.

FUNDAMENTALS
Traders are awaiting data from the Malaysian Palm Oil Board due later in the day, with expectations of higher end-October inventories.

Malaysia's stocks at end-October likely rose to a 3-1/2-year high as production improved while imports slumped, a Reuters survey showed.

China's commitment to its zero-COVID policy has weighed on demand and capped edible oil prices. Dalian's most-active soyoil contract DBYcv1 fell 2.2%, while its palm oil contract DCPcv1 slipped 3.1%.

Soyoil prices on the Chicago Board of Trade BOcv1 were down 0.1%.

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 support at 4,177 ringgit a tonne, a break below could open the way towards 3,994-4,072 ringgit range, Reuters technical analyst Wang Tao said.

MARKET NEWS
Asian share markets were tense on Thursday and the dollar held on to its overnight gains before the big test of a U.S. consumer inflation report, while market sentiment took a dive as the likely collapse of a major crypto exchange spooked investors.
By: via Malaysian Palm Oil Council Russia