VEGOILS-Palm rises for 3rd day on rival oils strength, but faces weekly drop
Reuters · 09/15 05:24
VEGOILS-Palm rises for 3rd day on rival oils strength, but faces weekly drop

Update with midday prices, analyst comment

- Malaysian palm oil futures rose for a third straight session on Friday, recouping some of the losses suffered earlier this week, as rival vegetable oils firmed and traders awaited export data for further direction.

The benchmark palm oil contract FCPOc3 for November delivery on the Bursa Malaysia Derivatives Exchange gained 36 ringgit, or 0.96%, to 3,797 ringgit ($810.89) per metric ton by the midday break. The contract has declined 0.89% so far in the week in what would be its second straight weekly drop.

"The market is holding on the back of supportive Dalian and Chicago markets while waiting for latest export data," a Kuala Lumpur-based trader said.

Dalian's most-active soyoil contract DBYcv1 gained 1.19%, while its palm oil contract DCPcv1 increased 0.86%. Soyoil prices on the Chicago Board of Trade BOc2 were up 0.57%.

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

Meanwhile, palm oil's gains were limited by data showing Malaysia's palm oil inventory rose to a seven-month high at the end of August.

Top palm oil buyer India imported 1.13 million tons of palm oil in August, a 3.9% increase from the previous month to the highest in months, a leading trade body said.

Exports of Malaysian palm oil products for Sept. 1-10 fell by 11.2% from a month earlier, cargo surveyor Intertek Testing Services said, while independent inspection company AmSpec Agri Malaysia estimated a 20.4% drop.

Top palm oil exporter Indonesia set its crude palm oil reference price at $798.83 per ton for the Sept. 16-30 period, which put the export tax and levy unchanged at $33 per ton and $85 per ton, respectively.

($1 = 4.6825 ringgit)

(Reporting by Bernadette Christina Munthe; Editing by Rashmi Aich and Subhranshu Sahu)


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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