Palm oil opens higher despite reports of rising inventories
By Mayank Bhardwaj
NEW DELHI, Sept 11 (Reuters) -Malaysian palm oil futures opened higher on Wednesday, a day after industry data showed inventories in the world's second-largest producer rose more than expected last month.
The benchmark palm oil contract FCPOc3 for November delivery on the Bursa Malaysia Derivatives Exchange was up 12 ringgit, or 0.28%, at 3,896 ringgit a metric ton in the early trade.
FUNDAMENTALS
* Malaysia's palm oil stocks at the end of August rose 7.34% from the previous month to 1.88 million metric tons, the highest level in six months, the Malaysian Palm Oil Board (MPOB) said.
* Crude palm oil production gained 2.87% to 1.89 million metric tons, while palm oil exports fell 9.74% to 1.53 million metric tons, the board said.
* A Reuters survey had forecast inventories at 1.86 million metric tons, with output seen at 1.89 million metric tons and exports at 1.5 million metric tons.
* Indonesia, the biggest palm oil exporter, plans to lower export duties to improve competitiveness and raise farmers' income.
* Palm oil FCPOc3 may break support at 3,856 ringgit per metric ton and fall towards 3,782 ringgit to 3,796 ringgit range. TECH/C
MARKET NEWS
* Oil prices inched higher, extending gains for a second session as U.S. efforts to replenish strategic reserves provided some support, although concerns of crude oversupply and softer fuel demand growth next year lingered. O/R
* Asian markets wobbled and U.S. stock futures slipped on Wednesday after Democratic Vice President Kamala Harris and Republican Donald Trump clashed in a keenly awaited U.S. presidential debate. MKTS/GLOB
DATA/EVENTS (GMT)
0600 UK GDP Est 3M/3M July
0600 UK GDP Estimate MM, YY July
0600 UK Services MM, YY July
0600 UK Manufacturing Output MM July
1230 US Core CPI MM, SA; YY, NSA Aug
1230 US CPI MM, SA; YY, NSA Aug
1230 US CPI Wage Earner Aug
Reporting by Mayank Bhardwaj; Editing by Eileen Soreng
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