11.11.2021 (www.todayonline.com) - KUALA LUMPUR, Nov 11 - Malaysian palm oil futures rose for a second straight session on Thursday, underpinned by cargo surveyor data showing an increase in early November exports, and concerns over a slowdown in production.

The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange gained 22 ringgit, or 0.45%, to 4,942 ringgit ($1,190.41) a tonne in early trade.

FUNDAMENTALS

* Exports of Malaysian palm oil products for Nov. 1-10 rose 13.4% to 563,093 tonnes from the same period in October, cargo surveyor Societe Generale de Surveillance said.

* "There are signs of weakness in November production with some planters observing less fruit bunches and higher rainfall," Adrian Kok, an equity analyst at Kenanga Investment Bank, said in a note.

* Kenanga forecasts November production to decline 3.8% from the month before to 1.66 million tonnes.

* Malaysia's end-October palm oil inventories rose 4.4% from the month before as exports sank while production climbed to a 13-month high, data from the palm oil board showed on Wednesday.

* Dalian's most-active soyoil contract rose 3%, while its palm oil contract was up 3.4%. Soyoil prices on the Chicago Board of Trade gained 0.3%.

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

MARKET NEWS

* Inflation fears pressured Asian stocks and buoyed the dollar on Thursday after data overnight showed U.S. consumer prices surged at the fastest pace since 1990 last month, boosting the case for faster Federal Reserve policy tightening.

DATA/EVENTS (GMT)

0700 UK GDP Prelim Q/Q Q3 REUTERS

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