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Palm ends virtually unchanged after range-bound trade



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Updates with closing prices

BEIJING, June 24 (Reuters) -Malaysian palm oil futures reversed early gains on Monday after range-bound trade to end flat as poor exports and continued weakness in competing edible oils weighed on the contract.

The benchmark palm oil contract FCPOc3 for September delivery on the Bursa Malaysia Derivatives Exchange closed 1 ringgit lower, or 0.03%, at 3,899 ringgit ($827.99) a ton.

"(Palm oil futures) have tracked the downturn in other vegetable oil futures, such as vegetable oil futures in the Chinese Dalian exchange," LSEG Agriculture Research said in a note.

Top producer Indonesia's palm oil exports in April were 2.18 million metric tons, up 2.06% from a year earlier, the Indonesia Palm Oil Association (GAPKI) said on Monday.

April crude palm oil output was 4.11 million tons, versus 4.1 million tonnes in March, it said.

Exports from second largest producer Malaysia during June 1-20 fell between 8.1% and 12.9% from a month earlier, independent inspection company AmSpec Agri Malaysia and Intertek Testing Services said last week.

Traders are awaiting estimates for exports for June 1-25, due on Tuesday.

"Some market players anticipate Malaysia's full-June exports will outperform May due to the attractive palm oil pricing, leading to increased purchases," LSEG said.

In related oils, Dalian's most-active soyoil contract DBYcv1 fell 0.33%, while its palm oil contract DCPcv1 fell 0.73%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.07%.

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

Forecast dryness in the Black Sea region's breadbasket is likely to stunt sunflower and corn yields, while heavy rain in the United States after near-record temperatures threaten to take a toll on crops, hitting world supplies and pushing prices higher.

Crude oil prices firmed slightly as traders weighed support from expected summer demand and geopolitical tensions against a stronger dollar. O/R

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


($1 = 4.7090 ringgit)



Reporting by Mei Mei Chu; Editing by Eileen Soreng, Sonia Cheema and Shounak Dasgupta

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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