30.10.2021 (www.hellenicshippingnews.com) - Malaysian palm oil futures were on track for a second straight monthly gain amid concerns about tight supply as prices rose on Friday after two sessions of falls in a row.

The benchmark palm oil contract FCPOc3 for January delivery on the Bursa Malaysia Derivatives Exchange gained 0.93% to 4,975 ringgit a tonne in early trade, after shedding 1.66% in the previous two sessions. For the month, it was up about 8.4%.

FUNDAMENTALS

* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

* Palm oil may test a resistance at 5,048 ringgit per tonne, as it has stabilised around a support at 4,822 ringgit, Reuters technical analyst Wang Tao said. TECH/C

MARKET NEWS

* Oil prices were mixed, but headed for their first weekly losses in at least eight weeks after U.S. oil stocks rose more than expected, and Iran flagged it was resuming talks with Western powers which could lead to an end to sanctions. O/R

* Asian shares and U.S. stock futures slipped, as Amazon and Apple quarterly earnings bucked a recent strong trend and growth and inflation fears continued to weigh.

* U.S. wheat futures edged higher to linger near a near nine-high high as concerns about global supplies pushed the grain towards monthly gains of 7%.
Source: Reuters (Reporting by Fransiska Nangoy; Additional reporting by Bernadette Christina Munthe; Editing by Subhranshu Sahu)

https://www.hellenicshippingnews.com/palm-heads-for-second-monthly-gain-on-tight-supply-concerns/