11/09/2023 (Nasdaq) - Malaysian palm oil futures opened higher on Monday after a drop last week ahead of the much-anticipated Malaysian Palm Oil Board (MPOB) data later in the day, supported by stronger Dalian and Chicago Board of Trade (CBOT) rival oils.

The benchmark palm oil contract FCPOc3 for November delivery on the Bursa Malaysia Derivatives Exchange gained 10 ringgit, or 0.26%, to 3,840 ringgit ($821.92) per metric ton in early trading.

The contract declined 5.20% last week.

FUNDAMENTALS

* Dalian's most-active soyoil contract DBYcv1 rose 1.16%, while its palm oil contract DCPcv1 advanced 1.14%. Soyoil prices on the Chicago Board of Trade BOcv1 also rose 0.73%.

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

* Exports of Malaysian palm oil products for Sept 1-10 fell 11.2% to 350,823 metric tons from 395,145 metric tons shipped during Aug 1-10, according to cargo surveyor Intertek Testing Services.

* Malaysia's palm oil inventories at the end of August likely jumped to a six-month high at 1.89 million tons as output rose and exports slowed, a Reuters survey showed. The MPOB is due to release its supply-demand data for August later in the day.

* India's palm oil imports are set to jump 26% to a record high in the 2022-23 year ending on Oct. 31, as a recovery in consumption and competitive prices prompts refiners to increase purchases, the country's top palm oil buyer said earlier this week.

* Palm oil FCPOc3 may bounce to 3,859-3,876 ringgit per metric ton, before turning around and retesting a support of 3,795 ringgit, Reuters technical analyst Wang Tao said.[TECH/C}

MARKET NEWS

* Asian stock markets were softer on Monday ahead of September U.S inflation data this week as investors sought cues on the Federal Reserve's next moves on interest rates.MKTS/GLOB

* Oil prices eased in early Asian trade on Monday as economic concerns in China weighed on fuel demand outlook although Brent stayed fixed above $90 a barrel, amid tightening supplies after Saudi Arabia and Russia extended supply cuts.O/R

DATA/EVENTS (GMT)

No major data/events expected on Monday, Sept 11

($1 = 4.6720 ringgit)

Source: Reuters

https://www.nasdaq.com/articles/vegoils-palm-opens-up-ahead-of-mpob-data-after-weekly-drop