Palm oil gains on strong India demand; set for weekly rise
Corrects in paragraph 1 and headline that market is headed for weekly rise, not fall
SINGAPORE, Aug 16 (Reuters) -Malaysian palm oil futures rose on Friday, buoyed by upbeat demand from top importer India and reduced stockpiles, and were set for a weekly rise after falling for three consecutive weeks.
The benchmark palm oil contract FCPOc3 for November delivery on the Bursa Malaysia Derivatives Exchange was up 18 ringgit, or 0.49%, at 3,714 ringgit ($835.55) a metric ton as of 0245 GMT.
FUNDAMENTALS
* Exports of Malaysian palm oil products for Aug. 1-15 declined 22.3% from the previous month, data from independent inspection company AmSpec Agri Malaysia showed on Thursday.
* Cargo surveyor Intertek Testing Services said exports fell 20.2% during the same period.
* The pace of exports during the period was slower than a decline of 12.2%-17.7% for Aug. 1-10, according to data from the two firms.
* Malaysia's end-July palm oil inventories decreased 5.35% from a month earlier to hit their lowest level in four months, the Malaysian Palm Oil Board said on Monday.
* The contract is getting some support from robust demand from India, the world’s largest palm oil importer, Phillip Nova commodity strategist Darren Lim said in a note.
* Dalian's most-active soyoil contract DBYcv1 added 0.33%, while its palm oil contract DCPcv1 climbed 0.83%. Soyoil prices on the Chicago Board of Trade BOcv1 ticked up 0.08 after a four-day decline.
* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
* The Malaysian ringgit MYR=, palm's currency of trade, fell 0.38% against the dollar. A weaker ringgit makes palm oil more attractive for foreign currency holders.
* Oil prices edged lower in early Asian trading on Friday, but the market's benchmarks were set for a second consecutive weekly gain after upbeat U.S. economic data eased investor worries about a potential recession in the top oil consuming nation. O/R
* Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.
MARKET NEWS
* Asia shares were headed for a weekly gain on Friday and Japan's benchmark Nikkei was poised for its best week in over four years as upbeat risk sentiment spilled over from Wall Street, after a raft of U.S. economic data allayed recession fears in the world's largest economy and pushed back against expectations for aggressive U.S. rate cuts. MKTS/GLOB
DATA/EVENTS (GMT)
0430 Japan Tertiary Ind Act NSA June
0600 UK Retail Sales MM July
0600 UK Retail Sales Ex-Fuel MM July
0600 UK Retail Sales YY July
0900 EU Total Trade Balance SA June
1000 EU Reserve Assets Total July
1230 US Housing Starts Number July
1400 US U Mich Sentiment Prelim August
($1 = 4.4450 ringgit)
Reporting by Gabrielle Ng; Editing by Sonia Cheema
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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