(Recasts leads, adds MPOB figures, updates prices)
* Malaysia's end-Oct stocks rise 3.5 pct, output up 3.1 pct
* Malaysia Nov 1-10 palm exports down 13 pct m/m -ITS
* Palm market seen "neutral to bullish" in coming months
* Palm oil to test support at 2,491 ringgit -technicals
By Anuradha Raghu
KUALA LUMPUR, Nov 11 Malaysian palm oil futures
ended higher on Monday, snapping four straight days of losses
after an industry report signalled tighter supplies of the
tropical oil in coming months, although weak exports kept a lid
Data released by the Malaysian Palm Oil Board (MPOB) on
Monday showed that stocks in Malaysia, the world's
second-largest producer, rose to 1.85 million tonnes at
end-October, slightly above market expectations of 1.82 million
Output in October inched up 3.1 percent to 1.97 million
tonnes, as the season peaked and monsoon rains complicated
harvesting, restricting the build-up in stocks.
"Going forward, the market looks neutral to bullish.
Production will taper off in November onwards and stocks will
definitely stay below 2 million tonnes this year," said a trader
with a local commodities brokerage in Kuala Lumpur.
At Monday's close, the benchmark January contract
on the Bursa Malaysia Derivatives Exchange had climbed 0.8
percent to 2,528 ringgit ($790) per tonne.
Total traded volume stood at 36,168 lots of 25 tonnes
compared to the usual 35,000 lots.
Weak exports, however, weighed on prices.
Cargo surveyor Intertek Testing Services showed that exports
in the Nov. 1-10 period fell 13 percent to 472,321 tonnes as
purchases by the world's biggest palm oil buyer, India, fell
"Exports for the first ten days seem to be on the weak side.
An average of 47,000 tonnes is a bit disappointing," said
another trader with a foreign commodities brokerage in Malaysia.
Another cargo surveyor, Societe Generale de Surveillance,
will release export data for the same period later in the day.
Technicals were bearish. Malaysian palm oil is expected to
test support at 2,491 ringgit per tonne, a break below which
will lead to a further loss to 2,449 ringgit, said Reuters
market analyst Wang Tao.
In other markets, Brent crude oil edged up towards $106 a
barrel on Monday after Iran and six world powers failed to reach
a deal on Tehran's nuclear programme and after Chinese data
pointed to a rise in fuel demand there.
In competing vegetable oil markets, the U.S. soyoil contract
for December rose 0.3 percent in late Asian trade. The
most active May soybean oil contract on the Dalian
Commodities Exchange fell 0.5 percent.
Palm, soy and crude oil prices at 1001 GMT
Contract Month Last Change Low High Volume
MY PALM OIL NOV3 2540 +31.00 2525 2540 156
MY PALM OIL DEC3 2528 +21.00 2526 2546 3047
MY PALM OIL JAN4 2528 +20.00 2510 2551 19152
CHINA PALM OLEIN MAY4 6184 -44.00 6174 6300 775084
CHINA SOYOIL MAY4 7130 -36.00 7128 7212 680648
CBOT SOY OIL DEC3 40.34 +0.10 40.15 40.50 6743
NYMEX CRUDE DEC3 94.34 -0.26 94.15 94.90 12197
Palm oil prices in Malaysian ringgit per tonne
CBOT soy oil in U.S. cents per pound
Dalian soy oil and RBD palm olein in Chinese yuan per tonne
Crude in U.S. dollars per barrel
($1 = 3.20 Malaysian ringgit)
(Editing by Himani Sarkar and Alan Raybould)