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Palm oil slips as weaker crude offsets gains in edible oils

By Reuters News

KUALA LUMPUR, Nov 2 (Reuters) - Malaysian palm oil futures edged lower on Monday, weighed down by weaker crude oil prices, although firmer edible oils capped the losses.

The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange slid 23 ringgit, or 0.49%, to 4,658 ringgit ($1,148.99) a metric ton in early trade.

FUNDAMENTALS

  • Oil prices slipped more than 1% after Iranian and Qatari officials held a third straight day of talks aimed at pushing for a deal to end the US-Israeli war on Iran O/R

  • Weaker crude oil futures make palm a less attractive option for biodiesel feedstock

  • Dalian's most-active soyoil contract rose 0.7%, while its palm oil contract added 0.85%. Soyoil prices on the Chicago Board of Trade were up 0.18%

  • 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 0.3% against the dollar, making the commodity slightly cheaper for buyers holding foreign currencies

  • Cargo surveyor Intertek Testing Services estimated that exports of Malaysian palm oil products for October rose 45.4% from a month earlier, while AmSpec Agri Malaysia is expected to release its estimates later in the day

  • Malaysia's palm oil output is likely to escape the worst of El Niño, for now, as better-than-expected rainfall limits crop losses, offering a measure of relief from a global cereal and vegetable oil supply squeeze that has fuelled food inflation

  • Palm oil may bounce further into 4,716-4,744 ringgit per metric ton, as suggested by a channel and a retracement analysis, Reuters technical analyst Wang Tao said TECH/C

MARKET NEWS

  • Asian share markets slipped as worries about the sustainability of the AI investment boom loomed over the tech sector, while the high price of oil limited the safe-haven appeal of sovereign bonds MKTS/GLOB

DATA/EVENTS

0850 France S&P Manufacturing PMI October

0855 Germany S&P Manufacturing PMI October

0900 EU S&P MFG Final PMI October

0930 UK S&P GLOBAL MANUFACTURING PMI October

1430 US S&P Global Mfg PMI Final October

($1 = 4.0540 ringgit)


cpo https://tmsnrt.rs/3WnSvZC

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