VEGOILS-Palm oil hits near 12-week high on global supply fears

KUALA LUMPUR, November 2 (Reuters)Malaysian palm oil futures rose for a third consecutive session on Wednesday to hit a nearly 12-week high, tracking strength in rival edible oils as Black Sea supply disruptions fueled worries.

The reference palm oil contract FCPOc3 for January delivery on the Bursa Malaysia Derivatives Exchange gained 128 ringgits, or 3.02%, to 4,361 ringgits ($919.85) a tonne at the start of trading, its highest level since Aug. 12.

FUNDAMENTALS

* The world must react strongly to any Russian attempt to disrupt Ukraine’s grain export corridor, President Volodymyr Zelenskiy saidas more ships loaded despite Moscow suspending its participation in a UN-brokered deal.

* The most active soybean oil contract in Dalian DBYcv1 rose 3.3%, while its palm oil contract DCPcv1 gained 2.4%. Chicago Board of Trade Soybean Oil Price BOcv1 increased by 1.2%.

* Palm oil is impacted by related oil price movements as they compete for share of the global vegetable oil market.

* Palm oil could extend gains to a range of 4,368 to 4,459 ringgits a tonne, Reuters technical analyst Wang Tao said. TECHNICAL/C

MARKET NEWS

* Asian stocks faltered in cautious trading on Wednesday as the dollar dipped slightly as investors braced for the outcome of U.S. Federal Reserve policy later in the global day, with many looking for signs of a slowdown in stocks future rate hikes. MKTS/GLOB

DATA/EVENTS (GMT)

0850 France S&P Global Mfg PMI Oct

0855 Germany S&P Global/BME Mfg PMI Oct

0855 Chg Unemployment Germany, Rate SA Oct

0900 EU S&P Global Mfg PMI final Oct.

1800 U.S. Federal Open Market Committee Announcement

its decision on interest rates followed by a statement

($1 = 4.7410 ringgit)

cpohttps://tmsnrt.rs/3Nt4zA5

(Reporting by Mei Mei Chu; Editing by Sherry Jacob-Phillips)

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Carol N. Valencia