VEGOILS-Palm rises after three days of losses, cargo surveyor data in focus

JAKARTA, Nov 25 (Reuters) - Malaysian palm oil futures inched higher on Tuesday after three straight sessions of losses, with market participants awaiting cargo surveyor data on November 1-25 exports for further direction.

The benchmark palm oil contract (FCPOc3) for February delivery on the Bursa Malaysia Derivatives Exchange gained 11 ringgit, or 0.27%, to 4,066 ringgit ($984.98) a metric ton by 0232 GMT.

FUNDAMENTALS

• Dalian’s most-active soyoil contract (DBYcv1) was up 0.07%, while its palm oil contract (DCPcv1) shed 0.47%. Soyoil prices on the Chicago Board of Trade (BOc2) were up 0.12%.
• Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market.
• Oil prices were little changed after rising in the previous session, as concerns supply will exceed demand next year outweighed worries Russian shipments will remain under sanctions as talks to end the Ukraine war remain inconclusive. (O/R)
• Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.
• The ringgit (MYR=) , palm’s currency of trade, strengthened 0.24% against the dollar, making the commodity more expensive for buyers holding foreign currencies.
• Cargo surveyors will release their November 1-25 export data later in the day.
• Palm oil may bounce into a range of 4,102 ringgit to 4,145 ringgit per ton, following its stabilisation around support of 4,034 ringgit, said Reuters technical analyst Wang Tao. (TECH/C)

MARKET NEWS

• Asian share markets rallied as hopes grew the Federal Reserve will deliver a December interest rate cut, while investors piled into global technology stocks shrugging off concerns the sector was becoming overheated. (MKTS/GLOB)

DATA/EVENTS 0700 Germany GDP Detailed QQ SA, YY NSA Q3 1330 US PPI Machine Manuf’ing Sep 1330 US Retail Sales MM Sep 1500 US Consumer Confidence Nov

($1 = 4.1280 ringgit)