Palm oil gains some ground after strong exports data
Updates with midday prices
BEIJING, July 26 (Reuters) -Malaysian palm oil futures on Friday gained someground lost this week and was set to snap a three-session decline onrobust exports data, while also tracking a rise in other oils.
The benchmark palm oil contract FCPOc3 for October delivery on the Bursa Malaysia Derivatives Exchange climbed 37 ringgit, or0.94%,to 3,955 ringgit ($849.08) by the midday break.
However, the contract is poised for a 0.15% weekly decline.
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 1.3%,while its palm oil contract DCPcv1 rose 1.7%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.4%.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
Crude oil prices rose slightly on Friday but remained on track for a third straight weekly declinedue to weak demand in China, the world's largest crude importer, and expectations of a ceasefire deal for the Gaza war and related violence in the Middle East. O/R
Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.
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
($1 = 4.6580 ringgit)
Reporting by Mei Mei Chu; Editing by Edwina Gibbs and Eileen Soreng
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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