VEGOILS-Palm oil rose over 1% as polls show tightening Sept stockpile
Malaysian palm oil futures rose over 1% on Monday, closing near a record high hit last week as polls show a slight decline in September stockpile and a slow output rise.
The benchmark palm oil contract FCPOc3 for December delivery on the Bursa Malaysia Derivatives Exchange rose 81 ringgit, or 1.8%, to 4,586 ringgit a tonne, after declining nearly 2% in the previous session.
Palm oil stockpiles at the world’s second largest producer likely fell 0.36% to 1.87 million tonnes as skyrocketing exports offset an uptick in production, a Reuters poll showed.
Production is seen rising 2.8% to 1.75 million tonnes, while exports likely surged 39.8% to 1.63 million tonnes.
Soyoil prices on the Chicago Board of Trade BOcv1 were down 1%. The Dalian exchange is closed until Thursday for a public holiday.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
Bursa Malaysia Derivatives launched its new East Malaysian Crude Palm Oil Futures contract 0#FEPO: on Monday, providing investors with an avenue for price discovery of the market in East Malaysia.
Oil was steady ahead of a meeting by OPEC and its allies which may determine whether a recent rally in prices amid supply shocks and a recovery from the COVID-19 pandemic will be sustained. O/R
Source: Reuters (Reporting by Mei Mei Chu; Editing by Rashmi Aich and Krishna Chandra Eluri)