VEGOILS-Palm dips, posts biggest weekly gain in over a month
Updates with closing prices, add analyst outlook
By Liz Lee
KUALA LUMPUR, Sept 24 (Reuters) - Malaysian palm oil futures pulled back on Friday, after a rally that helped the contract post a weekly gain of more than 4%, ahead of export data due over the weekend.
The contract posted its biggest weekly gain in six weeks, up 4.25%, supported by strength in rival oils and a forecast for slowing output.
The benchmark palm oil contract FCPOc3 for December delivery on the Bursa Malaysia Derivatives Exchange slid 5 ringgit, or 0.11%, to 4,442 ringgit ($1,060.90) a tonne.
Palm tracked gains in rival Dalian oils earlier, but traders said the wobbly sentiment was likely due to expectations of lower Sept. 1-25 exports.
"Given the very high palm oil prices, demand is expected to be in bits and pieces and buyers would wait for a reasonable downside correction to cover," Anilkumar Bagani, research head of Mumbai-based vegetable oil broker Sunvin Group, said in a note.
Prices were also weighed by a softer price outlook from a top industry analyst at the Globoil India conference due to end on Saturday.
Analyst James Fry said at the conference that benchmark palm prices could moderate from near record levels to average slightly below 4,000 ringgit per tonne next year. nL1N2QQ0BC
He also forecast a "gentle easing" of edible oil prices in the next to six to 12 months on improving supplies.
India's edible oil imports in September could jump as much as 59% from a year ago, as refiners raised purchases after the government slashed import duty ahead of key festivals, the head of an industry body said on Thursday. nL4N2QP26D
Dalian's most-active soyoil contract DBYcv1 rose 2.22%, while its palm oil contract DCPcv1 was up 2.69%. The Chicago Board of Trade soyoil prices BOc2 lost 0.47%.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
($1 = 4.1870 ringgit)
(Reporting by Liz Lee; Editing by Ramakrishnan M., Subhranshu Sahu and Amy Caren Daniel)
For a table on Malaysian physical palm oil prices, including refined oil, Reuters Terminal users can double click on or type OILS/MY01. * To view freight rates from Peninsula Malaysia/Sumatra to China, India, Pakistan and Rotterdam, please key in OILS/ASIA2 and press enter, or double click between the brackets. * Reuters Terminal users can see cash and futures edible oil prices by double clicking on the codes in the brackets: To go to the next page in the same chain, hit F12. To go back, hit F11. Vegetable oils OILS/ASIA1 Malaysian palm oil exports SGSPALM1 CBOT soyoil futures 0#BO: CBOT soybean futures 0#S: Indian solvent SOLVENT01 Dalian Commodity Exchange DC/MENU Dalian soyoil futures 0#DBY: Dalian refined palm oil futures 0#DCP: Zhengzhou rapeseed oil 0#COI: European edible oil prices/trades OILS/E