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VEGOILS-Palm oil steady as higher stocks offset rising exports

Reuters · 11/15/2022 22:31
VEGOILS-Palm oil steady as higher stocks offset rising exports


- Malaysian palm oil futures were little changed on Wednesday morning, trading their lowest level in more than two weeks as higher stocks offset rising exports and concerns over production.

The benchmark palm oil contract FCPOc3 for February delivery on the Bursa Malaysia Derivatives Exchange gained 1 ringgit, or 0.02%, to 4,067 Malaysian ringgit ($898.78) a tonne during early trade.


FUNDAMENTALS

* Malaysia's palm oil stocks at the end of October expanded for a fifth month to a three-year high as production improved, data from the 's palm oil board showed on Friday.

* Exports from Malaysia, the world's second-largest producer, rose between 10.7% and 12.7% in the Nov. 1-15 period, compared to the same weeks in October, cargo surveyors data showed.

* Disruptions to palm oil supplies because of tropical storms in top producers Indonesia and Malaysia are expected to continue into the first quarter of 2023, keeping prices strong, the Malaysian Palm Oil Board (MPOB) said on Monday.

* India raised the base import prices of crude and refined palm oil, the government said in a statement on Tuesday, as prices rose in the world market.


MARKET NEWS

* Asian stocks dropped and the dollar gained on Wednesday after blasts in Poland that Ukraine and Polish authorities said were caused by Russian-made missiles. MKTS/GLOB


DATA/EVENTS (GMT)

0030 Australia Wage Price Index QQ, YY Q3

0430 Japan Tertiary Ind Act NSA Sept

0700 UK CPI YY Oct

1330 US Import Prices YY Oct

1330 US Retail Sales MM Oct

1415 US Industrial Production MM Oct

($1 = 4.5250 ringgit)


(Reporting by Rajendra Jadhav; Editing by Savio D'Souza)

((rajendra.jadhav@thomsonreuters.com; +91-22-68414378 ; Reuters Messaging: rajendra.jadhav.thomsonreuters.com@reuters.))

For a table on Malaysian physical palm oil prices, including refined oil, Reuters Terminal users can double click on or type OILS/MY01. * To view freight rates from Peninsula Malaysia/Sumatra to China, India, Pakistan and Rotterdam, please key in OILS/ASIA2 and press enter, or double click between the brackets.  * Reuters Terminal users can see cash and futures edible oil prices by double clicking on the codes in the brackets: To go to the  page in the same chain, hit F12. To go back, hit F11. Vegetable oils                       OILS/ASIA1 Malaysian palm oil exports           SGSPALM1   CBOT soyoil futures                  0#BO:      CBOT soybean futures                 0#S:       Indian solvent                       SOLVENT01  Dalian Commodity Exchange            DC/MENU   Dalian soyoil futures                0#DBY:   Dalian refined palm oil futures      0#DCP:   Zhengzhou rapeseed oil               0#COI:   European edible oil prices/trades    OILS/E