JAKARTA, Nov 25 (Reuters) – Malaysian palm oil futures rose on Friday on expectation of solid export data and as prices of rival oils increase, setting up the first weekly palm oil gain in three weeks.
The benchmark palm oil contract FCPOc3 for February delivery on the Bursa Malaysia Derivatives Exchange rose 1.14% to 4,086 ringgit ($916.14) per tonne in early trade, recouping some of the 1.58% loss posted a day earlier.
* Dalian’s most-active soyoil contract DBYv1 gained 1.75%, while its palm oil contract DCPv1 rose 1.39%. The Chicago Board of Trade was closed for the Thanksgiving holiday.
* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
* Exports of Malaysia’s palm oil products in the Nov. 1-20 period rose between 2.9% and 9.6% from a month earlier, data from cargo surveyors showed this week. The Nov. 1-25 exports data are expected to be released later on Friday or Saturday.
* The Malaysian ringgit MYR= jumped 1.79% on Thursday, its biggest surge in over six years over an end to political deadlock. It extended its gains by 0.67% on Friday. The rise by the currency that the contract is traded in makes palm oil less attractive for holders of foreign currencies.
* Palm oil may test a support zone of 3,994-4,019 ringgit a tonne, a break below which could open the way towards 3,992 ringgit, Reuters technical analyst Wang Tao said. TECH/C
* Oil rose in early trade on Friday, trimming some of the week’s losses which have been driven by worries about Chinese demand and expectations a high price cap planned by the Group of Seven nations on Russian oil will keep supply flowing. O/R
* Shares hit a two-month high and the dollar fell towards a three-month low on Thursday, after signals by the Federal Reserve of smaller interest rate rises from next month were followed by the message that the European Central Bank will plough on. MKTS/GLOB
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($1 = 4.4600 ringgit)
(Reporting by Fransiska Nangoy; Editing by William Mallard)
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