Today Online (04/11/2020) - KUALA LUMPUR, Nov 4 - Malaysian palm oil futures gained on Wednesday, lifted by expectations of tighter October stockpiles and lower production, although gains were capped as U.S. election results made global markets nervous.

The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange gained 3 ringgit, or 0.1%, to 3,073 ringgit ($736.93).

FUNDAMENTALS

* A survey by CGS-CIMB Futures on Wednesday pegged October production to fall 6% from the month before, while inventories were seen down 8%, as COVID-19 restrictions and a labour shortage hamper harvesting.

* Palm oil imports into the European Union and Britain in the 2020/21 season totalled 2.05 million tonnes, up 2% from the previous session, official EU data showed on Tuesday.

* Dalian's most-active soyoil contract and its palm oil contract were up 1.3%. Soyoil prices on the Chicago Board of Trade fell 1%.

* 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 revisit its Oct. 28 high of 3,123 ringgit per tonne, as the correction from this level has been mostly reversed, Reuters technical analyst Wang Tao said.

MARKET NEWS

* Asian share markets turned skittish on Wednesday, paring early gains as results from the U.S. Presidential election showed an agonisingly close race with no clear winner yet in sight.

DATA/EVENTS (GMT)

0030 Australia Retails Sales MM Sept

0030 Australia Retail Trade Q3

0145 China Caixin Services PMI Oct

0500 India IHS Markit Svcs PMI Oct

0700 UK Reserve Assets Total Oct

0850 France Markit Serv, Comp PMIs Oct

0855 Germany Markit Services PMI Oct

0855 Germany Markit Comp Final PMI Oct

0900 EU Markit Serv, Comp Final PMIs Oct

1330 US International Trade Sept

1445 US Markit Serv, Comp Final PMIs Oct

1500 US ISM N-Mfg PMI Oct

U.S. Federal Open Market Committee starts its two-day REUTERS