Palm gains on lower supply forecast; weaker soyoil weighs
- The contract rose 3% last week and is trading $8 above soyoil prices on the Chicago Board of Trade, which were down 1%.
KUALA LUMPUR: Malaysian palm oil futures rose on Monday, underpinned by forecasts for a lower November palm stockpile, although gains were capped by weaker soyoil prices.
The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange rose 6 ringgit, or 0.17%, to 3,443 ringgit ($846.15) a tonne during early trade.
The contract rose 3% last week and is trading $8 above soyoil prices on the Chicago Board of Trade, which were down 1%.
Malaysia's palm oil inventories in November likely dropped 2% from the previous month to hit a near three-and-a-half-year low, as production hit an eight-month low and exports shrank, a Reuters survey showed on Friday.
Data on November supply and demand from the Malaysian Palm Oil Board is due on Thursday.