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Palm oil snaps three days of losses after strong exports data



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BEIJING, July 26 (Reuters) -Malaysian palm oil futures on Friday regained some ground lost this week, helped by robust exports and tracking a rise in other oils.

The benchmark palm oil contract FCPOc3 for October delivery on the Bursa Malaysia Derivatives Exchange climbed 33 ringgit or 0.84% to 3,951 ringgit ($848.04) during early trade, snapping three days of losses.

Even so, the contract is poised to lose 1% for the week.


FUNDAMENTALS

* Exports of Malaysian palm oil products for July 1-25 rose 31% year on year, cargo surveyors Intertek Testing Services and Amspec Agri said on Thursday.

* Dalian's most-active soyoil contract DBYcv1 gained 1.4%, while its palm oil contract DCPcv1 rose 1.7%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.5%.

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

* Oil prices were up slightly on Friday on stronger-than-expected U.S. economic data that raised investor expectations for increasing crude oil demand from the world's largest energy consumer.

* Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. O/R

* Palm oil may test resistance at 3,953 ringgit per metric ton, a break above which could open the way towards 3,977 ringgit to 4,017 ringgit, Reuters technical analyst Wang Tao said. TECH/C


MARKET NEWS

* World stock indexes mostly fell in choppy trading Thursday, adding to losses after a tech-led selloff in the previous session, while the Japanese yen drifted near flat after reaching a 2 1/2-month high against the U.S. dollar. MKTS/GLOB

DATA/EVENTS (GMT)

0500 Japan Leading Indicator Revised May

1230 US Consumption, Adjusted MM June

1230 US Core PCE Price Index MM June

1230 US Core PCE Price Index YY June

1230 US PCE Price Index MM June

1230 US PCE Price Index YY June

1400 US U Mich Sentiment Final Jul




($1 = 4.6590 ringgit)



Reporting by Mei Mei Chu; Editing by Edwina Gibbs

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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