VEGOILS-Palm oil climbs to near 12-week peak on global supply fears
02.11.2022 (Reuters) - KUALA LUMPUR, Nov 2 (Reuters) - Malaysian palm oil futures rose for a third straight session on Wednesday to hit a near 12-week high, tracking strength in rival edible oils as disruptions in Black Sea supply stoked concerns.
The benchmark palm oil contract FCPOc3 for January delivery on the Bursa Malaysia Derivatives Exchange gained 128 ringgit, or 3.02%, to 4,361 ringgit ($919.85) a tonne during early trade, its highest since Aug. 12.
FUNDAMENTALS
* The world must respond firmly to any Russian attempts to disrupt Ukraine's grain export corridor, President Volodymyr Zelenskiy said, as more ships were loading despite Moscow suspending its participation in a U.N.-brokered deal.
* Dalian's most-active soyoil contract DBYcv1 rose 3.3%, while its palm oil contract DCPcv1 gained 2.4%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 1.2%.* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
* Palm oil may extend its gains into a range of 4,368-4,459 ringgit a tonne, Reuters technical analyst Wang Tao said. TECH/C
MARKET NEWS
* Asian shares wobbled in cautious trading on Wednesday while the dollar sagged slightly as investors braced for the U.S. Federal Reserve's policy outcome later in the global day with many looking for any signs of a slowdown in future rate hikes. MKTS/GLOB
DATA/EVENTS (GMT)
0850 France S&P Global Mfg PMI Oct
0855 Germany S&P Global/BME Mfg PMI Oct
0855 Germany Unemployment Chg, Rate SA Oct
0900 EU S&P Global Mfg Final PMI Oct
1800 US Federal Open Market Committee announces
its decision on interest rates followed by statement
($1 = 4.7410 ringgit)
(Reporting by Mei Mei Chu; Editing by Sherry Jacob-Phillips)
((Meifong.chu@thomsonreuters.com))
https://www.nasdaq.com/articles/vegoils-palm-oil-climbs-to-near-12-week-peak-on-global-supply-fears