KUALA LUMPUR, Nov 1 (Reuters) – Malaysian palm oil futures rose slightly on Monday, extending their rally after two straight months of gains, as strength in rival oils lent buoyancy to the tropical commodity.
The benchmark palm oil contract FCPOc3 for January delivery on the Bursa Malaysia Derivatives Exchange climbed 0.2% to 5,036 ringgit ($1,215.25) a tonne in early trade. It gained 9.31% for October.
FUNDAMENTALS
* Dalian’s palm oil contract DCPcv1 gained 1.9%, while its most-active soyoil contract DBYcv1 rose 0.6%. Soyoil prices on the Chicago Board of Trade BOcv1 rose 0.2%.
* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
* Palm oil looks neutral in a range of 4,909-5,048 ringgit per tonne, and an escape could suggest a direction, Reuters technical analyst Wang Tao said. TECH/C
MARKET NEWS
* Oil prices fell after China said it released reserves of gasoline and diesel to boost supply, while investors unwound long positions ahead of an OPEC+ meeting on Nov. 4. O/R
* Stocks edged higher, led by a post-election jump in Japan’s Nikkei, though bonds wobbled and the dollar firmed as traders braced for central bank meetings in Britain, Australia and the United States to define the rates policy outlook. MKTS/GLOB
* U.S. corn futures edged lower, retreating from a more than two-month high touched in the previous session, though concerns about harvest delays across the United States capped losses. GRA/
DATA/EVENTS (GMT)
0930 UK Markit/CIPS Mfg PMI Final
1345 US Markit Mfg PMI Final
1500 US ISM Manufacturing PMI
($1 = 4.1440 ringgit)
(Reporting by Liz Lee; Editing by Subhranshu Sahu)
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