Daily price outlook

Palm futures succumbed to sell-off pressure emanating from bearish fundamentals as we near to actual data due on Fri 10 Nov from MPOB. Expectation is for a sharp rise in production fueling stocks to over 2.60 mil mt, or over 4 years high. Although palm was higher in the first session mainly on support from higher bean oil close on CBOT overnight and a relatively weaker ringgit, bearish sentiment and fundamentals and losses on bean oil on the Dalian Exchange offset the buying interest to close the day at 4 days low. The most active Jan-24 contract traded 3805—3710. The ringgit ended lower by 0.59% to a dollar after rising to a 2 month high yesterday.
Other data due this week—USDA Nov report due 8 Nov will focus on U.S production and end-stock projection with possible reaction on soy complex driving the impact on palm futures the next trading day. Other: Malaysia 1-10 Nov export estimates - Palm Oil Analytics