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Palm opens higher but stays on track for weekly drop

By Reuters News

KUALA LUMPUR, Oct 30 (Reuters) - Malaysian palm oil futures opened higher on Friday, supported by stronger rival edible oils and crude oil, though the contract remained on track for its first weekly loss in four weeks.

The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange gained 26 ringgit, or 0.56%, to 4,642 ringgit ($1,144.20) a metric ton in early trade. The contract has declined 3.9% so far this week.

FUNDAMENTALS

  • Oil prices climbed in early trade on supply concerns after Yemen's Iran-aligned Houthis stepped up attacks on Saudi Arabia, on track for a fourth straight monthly gain and the steepest since July. O/R

  • Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.

  • Dalian's most-active soyoil contract rose 0.21%, while its palm oil contract added 0.35%. Soyoil prices on the Chicago Board of Trade were up 0.62%.

  • 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, strengthened 0.3% against the dollar, making the commodity more expensive for buyers holding foreign currencies.

  • Indonesia has set its November crude palm oil reference price at $978.90 per metric ton, making the export tax next month lower at $124 a ton from $178 a ton previously, a trade ministry regulation showed.

  • Malaysia's finance ministry is considering a proposal to temporarily suspend crude palm oil export taxes, its commodities minister said.

MARKET NEWS

  • Tech shares slumped in Asia on Friday, the yen rose and bonds surged toward their biggest monthly gain in nearly three years as investors scurried to safety against worries that huge and rising AI spending may not deliver sufficient returns. MKTS/GLOB

DATA/EVENTS

0630 France GDP Preliminary QQ Q3

0700 UK Nationwide house price mm, yy Oct

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

0745 France CPI Prelim YY, MM NSA Oct

0745 France Producer Prices YY Sep

0855 Germany Unemployment Chg, Rate SA Oct

0900 Germany GDP Flash QQ SA Q3

0900 Germany GDP Flash YY NSA Q3

1000 EU GDP Flash Prelim YY, QQ Q3

1000 EU Unemployment Rate Sep

1300 Germany CPI Prelim YY Oct

1300 Germany HICP Prelim YY Oct

N/A Japan JP BOJ Rate Decision 30 Oct

($1 = 4.0570 ringgit)

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