SINGAPORE, Nov 7-
Malaysian palm oil futures gained on Wednesday and were on track to snap three
days of losses, with investors buying after prices marked a one-month low
earlier in the session and on concerns year-end floods in the country could
hurt production.
"I heard there are worries
about floods in the Johor area, and we have also see some technical
buying," said a Singapore-based trader with a global commodities house,
referring to the state that accounts for almost 15 percent of Malaysia's total
palm production.
Malaysia's palm oil exports rose 10
percent to a 2012-high at 1.6 million tonnes in October, and the steep discount
between palm oil and soybean oil could uncover more demand and help ease
swelling stocks.
Stock levels in Malaysia, the
world's No.2 palm oil producer, were projected to reach a record 2.67 million
tonnes in October, a Reuters survey showed on Tuesday.
Traders will be looking for more
trading clues as cargo surveyor Intertek Testing Services releases Malaysian
exports data for Nov. 1-10 on Saturday and as industry regulator the Malaysian
Palm Oil Board issues October stocks data on Monday.
