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Palm oil follows Dalian rivals higher



<html xmlns="http://www.w3.org/1999/xhtml"><head><title>VEGOILS-Palm oil follows Dalian rivals higher</title></head><body>

By Dewi Kurniawati

JAKARTA, May 13 (Reuters) -Malaysian palm oil futures rose on Monday, starting the week on a strong note after their longest weekly losing streak in more than six years, as the market tracked strength in Dalian rivals.

The benchmark palm oil contract FCPOc3 for July delivery on the Bursa Malaysia Derivatives Exchange increased 43 ringgit, or 1.13%, to 3,852 ringgit ($811.97) a metric ton in morning trade.

FUNDAMENTALS

* Dalian's most-active soyoil contract DBYcv1 rose 1.18%, while its palm oil contract DCPcv1 gained 1.12%. Soyoil prices on the Chicago Board of Trade BOcv1 increased 0.2%.

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

* Investors are expecting the U.S. Department of Agriculture's monthly crop production and World Agricultural Supply and Demand Estimates reports to show ample supplies in the United States and globally.

* Malaysia's industrial production in March rose 2.4% from a year earlier, below expectations, government data showed on Friday.

* Exports of Malaysian palm oil products for May 1-10 fell 14.2% to 369,920 metric tons from 431,190 metric tons shipped during April 1-10, cargo surveyor Intertek Testing Services said on Friday.

* Independent inspection company AmSpec Agri Malaysia said on Friday that exports fell 14.8%, while Cargo surveyor Societe Generale de Surveillance (SGS) estimated exports at 263,369 metric tons, according to LSEG.

* Palm oil may bounce into a range of 3,857-3,878 ringgit per metric ton, as it has stabilised around support at 3,760 ringgit, according to Reuters' technical analyst Wang Tao.


MARKET NEWS

* Asian share markets made a cautious start in a week where inflation figures could make or break hopes for earlier U.S. rate cuts, while Chinese activity data will test optimism about a sustained recovery in the world's No. 2 economy.MKTS/GLOB

* Oil prices extended declines amid signs of weak fuel demand and as comments from U.S. Federal Reserve officials dampened hopes of interest rate cuts, which could slow growth and crimp fuel demand in the world's biggest economy.O/R

DATA/EVENTS (GMT)DATA/EVENTS (GMT)

No major data or events


($1 = 4.7440 ringgit)



Reporting by Dewi Kurniawati; 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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