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Palm oil rises on export outlook; books weekly gain



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Updates with closing price

KUALA LUMPUR, May 31 (Reuters) -Malaysian palm oil futures rose on Friday and logged a weekly gain, buoyed by estimates of higher exports in the world's second-biggest producer.

The benchmark palm oil contract FCPOc3 for August delivery on the Bursa Malaysia Derivatives Exchange closed 86 ringgit, or 2.15%, higher at 4,079 ringgit ($867.13) per metric ton. The contract gained 5% for the week.

Expectations of a 20% increase in exports of Malaysian palm oil products in May have boosted prices, a Kuala Lumpur-based trader said.

"The recent surge in sunflower oil prices has also turned buyers to purchase palm as it is comparatively cheaper," the trader said.

Cargo surveyor Intertek Testing Services said Malaysian palm oil exports for May rose 22.1% from the month before, while independent inspection company AmSpec Agri Malaysia estimated a 22.8% increase.

Another cargo surveyor, Societe Generale de Surveillance, estimated the exports at 1,161,370 metric tons, from 1,045,679 tons a month earlier, LSEG data showed on Friday.

Dalian's most-active soyoil contract DBYcv1 rose 0.32%, while its palm oil contract DCPcv1 added 1.28%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.87%.

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

Oil prices held steady on Friday as investors await U.S. inflation data for clues on the demand outlook before turning attention to Sunday's OPEC+ meeting to determine the state of supply into next year.O/R

Brent LCOc1 futures gained up 14 cents, or 0.17%, by 0908 GMT to trade at $82.00 a barrel.

Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.

Indonesia set its crude palm oil reference price for June at $778.82 per metric ton, a trade ministry regulation showed, down from $877.28 in May.

The ringgit MYR=, palm's currency of trade, weakened 0.04% against the dollar, making the commodity less expensive for buyers holding the foreign currency.




($1 = 4.7040 ringgit)



Reporting by Danial Azhar; Editing by Subhranshu Sahu and Ravi Prakash Kumar

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
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