VEGOILS-Palm rangebound on rival's weakness, forecasts of lower end-Nov stocks

JAKARTA, Dec 5 (Reuters) - Malaysian palm oil futures were range-bound on Thursday amid weakness in the Dalian palm oil contract and estimated lower November stocks in Malaysia, the world's second largest palm oil exporter. The benchmark palm oil contract FCPOc3 for February delivery on the Bursa Malaysia Derivatives Exchange gained 6 ringgit, or 0.12%, to 5,038 ringgit ($1,137.76)a metric ton by 0245 GMT. The contract traded in the 4,988-5,107 ringgit per ton range earlier, after dropping 0.85% on Wednesday. FUNDAMENTALS * Dalian's most-active soyoil contract DBYcv1 shed 0.58%, while its palm oil contract DCPcv1 tumbled 1.46%. Soyoil rose 0.31% at the Chicago Board of Trade. * Palm oil tracks price movements of rival edible oils as it competes for a share of the global vegetable oils market. * Malaysia's palm oil inventories are forecast to fall in November for a second consecutive month as torrential rains disrupted production, a Reuters survey showed on Thursday. * The Malaysian ringgit, the contract currency of palm's trade, strengthened 0.49% against the U.S. dollar in early trade. A stronger ringgit makes palm less attractive for foreign currency holders. * Oil prices rose ahead of an OPEC+ meeting later in the day, with investors waiting to see what the producer group would do next on supply cuts while also monitoring tension in the Middle East. O/R * Palm oil FCPOc3 is expected to retest resistance at 5,162 ringgit per metric ton, driven by a wave 5, Reuters technical analyst Wang Tao said. TECH/C MARKET NEWS * Asian stocks were mixed on Thursday in the wake of record peaks on Wall Street as a softer read on U.S. services data boosted investor confidence in the Fed lowering interest rates. MKTS/GLOB DATA/EVENTS (GMT) 0700 Germany Industrial Orders MM Oct 0700 Germany Manufacturing O/P Cur Price SA Oct 0700 Germany Consumer Goods SA 0930 UK S&P Global PMI: Msc Composite - Output 1330 US International Trade $ Oct 1330 US Initial Jobless Clm 30 Nov, w/e ($1 = 4.4280 ringgit) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ cpo https://tmsnrt.rs/3Z2Pw6o ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Bernadette Christina; Editing by Sumana Nandy) (([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 ))