SINGAPORE, Oct 1 (Reuters) – Malaysian palm oil futures fell on Friday after touching record highs in the previous session, as Chicago soyoil contracts weakened overnight on a bearish stocks report from the U.S. Department of Agriculture.
The benchmark palm oil contract FCPOc3 for December delivery on the Bursa Malaysia Derivatives Exchange fell 40 ringgit, or 0.9%, to 4,555 ringgit a tonne, after rising to a record high of 4,595 ringgit on Thursday.
The contract is also set to rise for the second consecutive week, up 2.9%.
Friday’s fall was due to weakness in soyoil on the Chicago Board of Trade (CBOT) following a quarterly stock report from the USDA, a Kuala Lumpur-based trader told Reuters.
The United States ended the crop year with slightly more soybean supplies than expected, the report showed on Thursday.
The CBOT soybean oil contract BOc2 last fell 0.7%.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
FUNDAMENTALS
* Oil prices dropped on Friday on the prospect that the OPEC+ supplier alliance might step up a planned increase in output to ease supply concerns, with soaring gas prices spurring power producers to switch from gas to oil. O/R
* U.S. wheat futures edged up to near a three-week high on Friday, after the USDA pegged stocks at their lowest level since 2007. GRA/
DATA/EVENTS (GMT)
0750 France Markit Mfg PMI Sept
0755 Germany Markit/BME Mfg PMI Sept
0800 EU Markit Mfg Final PMI Sept
0830 UK Markit/CIPS Mfg PMI Final Sept
0900 EU HICP Flash YY Sept
0900 EU HICP-X F&E Flash YY Sept
1230 US Consumption, Adjusted MM Aug
1345 US Markit Mfg PMI Final Sept
1400 US ISM Manufacturing PMI Sept
1400 US U Mich Sentiment Final Sep
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(Reporting by Fathin Ungku; Editing by Ramakrishnan M.)
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