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Palm ticks up on weaker ringgit, but heads for weekly loss



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SINGAPORE, June 14 (Reuters) -Malaysian palm oil futures inched higher on Friday helped by a weaker ringgit, but were on track for a second straight weekly decline.

The benchmark palm oil contract FCPOc3 for August delivery on the Bursa Malaysia Derivatives Exchange rose 7 ringgit, or 0.18%, to 3,943 ringgit ($836.80) a metric ton as of 0232 GMT. It gained 0.15% in overnight trade.

FUNDAMENTALS

* Dalian's most-active soyoil contract DBYcv1 fell 0.63%, while its palm oil contract DCPcv1 lost 0.75%. Soyoil prices on the Chicago Board of Trade BOcv1 edged down 0.11%.

* The U.S. soy processing pace increased in May from a seven-month low a month earlier, as some crush plants resumed operations after seasonal downtime for maintenance and repairs and as margins improved, analysts said ahead of a National Oilseed Processors Association monthly report on Monday.

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

* Oil prices fell but were on track for their first weekly gain in four as markets assessed the impact of higher-for-longer U.S. interest rates versus solid outlooks for crude and fuel demand this year. O/R

* Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.

* The Malaysian ringgit MYR=, palm's currency of trade, weakened 0.15% against the dollar. A weaker ringgit makes palm oil more attractive for foreign currency holders.


MARKET NEWS

* Asian stocks fell as investors weighed U.S. rates outlook in the wake of softer-than-expected inflation data and tempered rate-cut expectations from the Federal Reserve, while the yen was softer ahead of Bank of Japan policy meeting. MKTS/GLOB


($1 = 4.7120 ringgit)



Reporting by Cassandra Yap; Editing by Subhranshu Sahu

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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