14.12.2020 (www.todayonline.com) - KUALA LUMPUR, Dec 14 - Malaysian palm oil futures rose for a third straight session on Monday, boosted by higher prices of rival soybean oil and expectations of lower output.

The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange rose 35 ringgit, or 1.06%, to 3,445 ringgit ($850.83) a tonne during early trade.

FUNDAMENTALS

* The Malaysian Palm Oil Board (MPOB) said last week November production fell 13.51% from October to 1.49 million tonnes, its lowest since March.

* The market is expecting production in December to remain squeezed as rainy weather brought on by La Nina is expected to persist until the first quarter of next year.

* Dalian's most-active soyoil contract rose 1.5%, while its palm oil contract gained 1%. Soyoil prices on the Chicago Board of Trade were also up 1%.

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

MARKET NEWS

* Stocks started a busy week with guarded gains as investors gauged the chance of added U.S. fiscal and monetary stimulus, while the British pound rose in relief as a last-gasp extension to Brexit talks dodged a hard divorce.

DATA/EVENTS (GMT)

0630 India WPI Inflation YY Nov

1000 EU Industrial Production MM, YY Oct REUTERS

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