Palm oil falls on weak cargo surveyor export data
BEIJING, Aug 12 (Reuters) -Malaysian palm oil futures fell on Monday after cargo surveyor data showed a sharp decline in exports for early August.
The benchmark palm oil contract FCPOc3 for October delivery on the Bursa Malaysia Derivatives Exchange slid 26 ringgit, or 0.69%, to 3,721 ringgit ($839.01) a metric ton in early trade.
FUNDAMENTALS
* Exports of Malaysian palm oil products for Aug. 1-10 fell 17.7% to 435,413 tonnes from 528,843 tonnes shipped during July 1-10, independent inspection company AmSpec Agri Malaysia said on Saturday.
* Exports of Malaysian palm oil products for Aug. 1-10 fell 12.2% to 470,706 tons from 536,193 tons shipped during July 1-10, cargo surveyor Intertek Testing Services said on Saturday.
* Dalian's most-active soyoil contract DBYcv1 was down 0.4%, while its palm oil contract DCPcv1 lost 0.2%. Soyoil prices on the Chicago Board of Trade BOcv1 fell 0.5%.
* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
* Palm oil still targets a range of 3,784 ringgit to 3,789 ringgit per metric ton, as it has found a strong support zone of 3,671 ringgit to 3,704 ringgit, Reuters technical analyst Wang Tao said. TECH/C
MARKET NEWS
* Asian stocks edged higher as a holiday in Japan removed one source of recent volatility, and investors hunkered down for major U.S. and Chinese economic data for an update on global growth prospects. MKTS/GLOB
DATA/EVENTS (GMT)
0600 UK Manufacturing Output MM June
0645 France CPI YY NSA July
($1 = 4.4350 ringgit)
Reporting by Mei Mei Chu; 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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