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Palm oil poised for first weekly gain in three weeks

By Reuters News

KUALA LUMPUR, Nov 13 (Reuters) - Malaysian palm oil futures edged higher on Friday and were set for their first weekly gain in three, with firmer Dalian palm olein and Chicago soyoil supporting the market.

The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange gained 14 ringgit, or 0.32%, to 4,454 ringgit ($1,092.74) a metric ton in early trade. The contract has risen 3.95% so far this week.

FUNDAMENTALS

  • Dalian's most-active soyoil contract fell 0.08%, while its palm oil contract added 0.91%. Soyoil prices on the Chicago Board of Trade were up 0.47%.

  • Palm oil tracks the price movements of rival edible oils, as it competes for a share of the global vegetable oils market.

  • The ringgit , palm's currency of trade, weakened 0.15% against the dollar, making the commodity slightly cheaper for buyers holding foreign currencies.

  • Brent futures shed 0.09% to $95.73 a barrel by 0247 GMT. Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.

  • Indonesia's palm oil exports reached 27.3 million metric tons from January to September, up 9.6% from a year earlier, the Indonesian Palm Oil Association said.

  • Indonesia's consumption of palm oil-based biodiesel consumption stood at 13.84 million kilolitres this year as of November 10, amounting to 83% of this year's allocation, senior Energy and Mineral Resources Ministry official Eniya Listiani Dewi said.

  • Indonesia is developing a digital information system that will allow its sustainable-certified palm oil exports to be traced to their origins, ahead of the implementation of new European trade rules at the end of this year, a senior government official said.

  • Palm oil may retrace towards 4,382 ringgit per metric ton, following its failure to break a resistance at 4,471 ringgit, Reuters technical analyst Wang Tao said. TECH/C

MARKET NEWS

  • Stocks in Asia were on steadier footing on Friday after a turbulent week dominated by revelations of extramarital affairs involving Nvidia CEO Jensen Huang that culminated in his resignation, in a blow to the global AI boom he helped advance.MKTS/GLOB

DATA/EVENTS

0745 France CPI (EU Norm) Final MM, YY Oct

0745 France CPI YY, MM NSA Oct

1000 EU Total Trade Balance SA Sep

1000 EU GDP Flash Estimate QQ, YY Q3

1330 US PPI Machine Manuf'ing Oct

($1 = 4.0760 ringgit)


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