VEGOILS-Palm oil gains on supply woes; on track for weekly gain

(Updates midday prices and adds trader's comment) KUALA LUMPUR, Nov 29 (Reuters) - Malaysian palm oil futures climbed for a fifth consecutive session on Friday and were on track for a weekly gain, 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 121 ringgit, or 2.48%, to 5,006 ringgit ($1,128.24) a metric ton at the midday break. The contract has so far gained 5.23% this week 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 2.06%, while its palm oil contract DCPcv1 added 2.75%. 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 were mixed following a potential renewal of supply risk as Israel and Hezbollah traded accusations of ceasefire violations, and as a delay to an OPEC+ meeting left investors awaiting a decision on its output policy. O/R Brent crude futures LCOc1 for January rose 0.14% at $73.38 a barrel, as of 0445 GMT. The ringgit MYR= , palm's currency of trade, strengthened 0.16% against the dollar, making the commodity more expensive for holders of foreign currencies. Palm oil may test resistance at 4,917 ringgit per ton, a break above could open the way towards 4,985 ringgit, Reuters technical analyst Wang Tao said. TECH/C ($1 = 4.4370 ringgit) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ cpo https://tmsnrt.rs/3Z2Pw6o ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Ashley Tang; Editing by Sherry Jacob-Phillips and 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 ))