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Palm oil falls for second session on weaker Dalian rivals

By Reuters News

KUALA LUMPUR, Nov 3 (Reuters) - Malaysian palm oil futures fell for a second straight session on Tuesday, weighed down by weaker rival Dalian oils, though firmer crude oil prices and Chicago soyoil limited losses.

The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange slid 37 ringgit, or 0.8%, to 4,612 ringgit ($1,133.73) a metric ton in early trade.

FUNDAMENTALS

  • Dalian's most-active soyoil contract fell 1.41%, while its palm oil contract shed 0.64%. Soyoil prices on the Chicago Board of Trade were up 0.08%.

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

  • Oil prices rose in early Asian trade after a report that the United States had struck Iran's Qeshm Island, raising concerns about an escalation of the eight-month conflict and prolonged disruptions to Middle East oil supplies. O/R

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

  • The ringgit , palm's currency of trade, weakened 0.2% against the dollar, making the commodity slightly cheaper for buyers holding foreign currencies.

  • Cargo surveyors estimated that exports of Malaysian palm oil products for October rose between 45.4% and 73.5% from a month earlier.

  • Indonesia exported 19 million tons of crude and refined palm oil in the January to September period, up 8.1% from the same period a year earlier, statistics bureau data showed.

  • Palm oil may revisit a low of 4,597 ringgit per ton, after failing to break a resistance at 4,688 ringgit, Reuters technical analyst Wang Tao said. TECH/C

MARKET NEWS

  • Stocks edged lower at the start of Asian trade on Tuesday and oil prices stabilised after the previous session's tumble, with investors on edge ahead of the start of voting for the US midterm elections. MKTS/GLOB

DATA/EVENTS

1500 US Factory Orders MM Sep

($1 = 4.0680 ringgit)


cpo https://tmsnrt.rs/4Adr9Em

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