VEGOILS-Palm oil trades flat ahead of the MPOB monthly data release

(Updated with midday break prices, analyst comment in paragraph 5) By Dewi Kurniawati JAKARTA, Nov 11 (Reuters) - Malaysian palm oil futures traded flat on Monday ahead of the Malaysian Palm Oil Board (MPOB) monthly data release. The benchmark palm oil contract FCPOc3 for January delivery on the Bursa Malaysia Derivatives Exchange traded flat at 5,101 ringgit ($1,158.00) a metric ton by the midday break. Data released from MPOB shortly after the market closed for midday break showed that Malaysia's palm oil stocks at the end of October fell 6.32% from the previous month to 1.88 million metric tons. Exports of Malaysian palm oil products for Nov. 1-10 fell 15.8% to 429,455 metric tons from a month earlier, cargo surveyor Intertek Testing Services (ITS) said on Monday. Futures sold off due to the double-digit percentage fall in ITS export data and thereafter traded lackluster, awaiting the MPOB data, a Kuala Lumpur-based trader said. Dalian's most-active soyoil contract DBYcv1 fell 0.16%, while its palm oil contract DCPcv1 gained 1.68%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.18%. Palm oil tracks price movements of rival edible oils, as it competes for a share in the global vegetable oils market. Malaysian benchmark palm oil futures have risen more than 35% this year and are expected to trade above and around 5,000 ringgit ($1,141) per metric ton until June 2025, supported by tight supply and bullish demand. The ringgit MYR= , palm's currency of trade, weakened 0.57% against the U.S. dollar, making the vegetable oil cheaper for buyers holding foreign currencies. Oil prices extended declines on Monday as the threat of a supply disruption from a U.S. storm eased and after China's stimulus plan disappointed investors seeking fuel demand growth in the world's No. 2 oil consumer. O/R Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. Palm oil FCPOc3 may climb into a range of 5,244 ringgit to 5,314 ringgit, driven by a powerful wave 3, according to Reuters' market analyst for commodities and energy technicals Wang Tao. TECH/C ($1 = 4.4050 ringgit) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ cpo https://tmsnrt.rs/48NCLRY ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Dewi Kurniawati; Editing by Rashmi Aich) (([email protected])) ((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 next 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 ))