KUALA LUMPUR, Nov 11 (Reuters) - Malaysian palm oil futures jumped on Friday as early November exports surged, but the contract remains headed for a weekly loss after declines in the previous three sessions.
The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange gained 106 ringgit, or 2.54%, to 4,284 ringgit ($923.87) a tonne in early trade.
For the week, palm is set to fall by 1.9%.
FUNDAMENTALS
* Exports from Malaysia during Nov. 1-15 jumped between 12.7% and 33% from the same week in October, as shipments to India and China accelerated, cargo surveyors said on Thursday.
* Malaysia's palm oil stocks at end-October expanded for a fifth month to a three-year high of 2.4 million tonnes, Malaysian Palm Oil Board (MPOB) data showed on Friday.
* October output rose 2.44% from the previous month to 1.81 million tonnes, while exports gained 5.66% to 1.5 million tonnes, according to MPOB.
* Dalian's most active soyoil contract fell 1%, while its palm oil contract gained 2%. Soyoil prices on the Chicago Board of Trade were up 0.3%.
* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
MARKET NEWS
* Asian shares spiked higher on Friday, while the dollar nursed steep losses after a smaller-than-expected increase in U.S. consumer prices fuelled hopes that the Federal Reserve could tone down its aggressive pace of interest rate hikes.
DATA/EVENTS (GMT)
0700 Germany HICP Final YY Oct
0700 UK GDP Est 3M/3M Sept
0700 UK GDP Estimate MM Sept
0700 UK Manufacturing Output MM Sept
0700 UK GDP Prelim QQ, YY Q3
1500 US U Mich Sentiment Prelim Nov ($1 = 4.6370 ringgit) (Reporting by Mei Mei Chu; Editing by Savio D'Souza)
