Today Online (03/11/2020) - KUALA LUMPUR, Nov 3 - Malaysian palm oil futures rose 2% and were set to snap a four-session decline on Tuesday, tracking higher rival edible oils and as estimates of higher exports and lower output in October stoked supply worries.

The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange rose 60 ringgit, or 2%, to 3,035 ringgit ($730.62) a tonne during early trade, after falling 1.2% in the previous session.

FUNDAMENTALS

* The Southern Palm Oil Millers Association estimated October production to fall nearly 10% from the month before, traders said on Monday.

* Palm oil exports from Malaysia in October rose between 4% and 6% from September, according to cargo surveyors on Saturday.

* Dalian's most-active soyoil contract rose 1.8%, while its palm oil contract gained 1%. Soyoil prices on the Chicago Board of Trade were up 0.7%.

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

* Oil prices slipped as worries about soaring COVID-19 cases, rapidly rising Libyan supply and U.S election jitters outweighed growing hopes that major producers would hold back on planned production increases.

MARKET NEWS

* Asian shares looked set to climb as investors shrugged off U.S. election jitters and took hope in strong factory output data in China, Europe and the United States, although the dollar and gold firmed on political uncertainty.

DATA/EVENTS

0330 Australia RBA Cash Rate Nov REUTERS

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