VEGOILS-Palm rises for fifth session, logs weekly gain

(Updates closing prices) KUALA LUMPUR, Nov 29 (Reuters) - Malaysian palm oil futures rose for a fifth straight session and booked a weekly gain on Friday, amid supply concerns as heavy rains in the country were exacerbating already weak production levels. The benchmark palm oil contract FCPOc3 for February delivery on the Bursa Malaysia Derivatives Exchange gained 138 ringgit, or 2.82%, to 5,023 ringgit ($1,131.31) a metric ton at the close. The contract rebounded to log a weekly gain of 8.21%, the highest since June 2023, after falling for the past two consecutive weeks. The incessant rains, especially in the east coast and northern parts of peninsular Malaysia, will further aggravate the already weak production levels in the country, said Paramalingam Supramaniam, director at Selangor-based brokerage firm Pelindung Bestari. "Many other states too are on the lookout for further worsening flooding woes. The overall sentiment also remains fragile and supply constraints will likely keep prices defensive," he said. Palm oil stocks fell 6.32% in October to 1.88 million tons, while crude palm oil production dropped 1.35% to 1.80 million tons, according to data released from the Malaysian Palm Oil Board (MPOB) earlier this month. Dalian's most-active soyoil contract DBYcv1 rose 1.49%, while its palm oil contract DCPcv1 added 3.05%. The Chicago Board of Trade was closed for the Thanksgiving holiday. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Cargo surveyors are expected to release their estimates for Malaysian palm oil exports for the Nov. 1-30 period on Saturday. Oil prices fell, heading for a weekly drop of more than 3%, as concerns over supply risks from the Israel-Hezbollah conflict eased, alleviating earlier disruption fears. O/R Brent crude futures LCOc1 for January fell 0.68% to $72.78 a barrel, as of 1013 GMT. The ringgit MYR= , palm's currency of trade, strengthened 0.09% against the dollar, making the commodity more expensive for holders of foreign currencies. ($1 = 4.4400 ringgit) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ cpo https://tmsnrt.rs/3Z2Pw6o ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Ashley Tang; Editing by Sherry Jacob-Phillips, Rashmi Aich and Maju Samuel) (([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 ))