Palm oil ends lower; export and production data in focus
Updates with closing prices
By Dewi Kurniawati
JAKARTA, July 4 (Reuters) -Malaysian palm oil futures dropped on Thursday, tracking loss in the Dalian soyoil contract, while the market awaited for export and production data from the Malaysian Palm Oil Board (MPOB).
The benchmark palm oil contract FCPOc3 for September delivery on the Bursa Malaysia Derivatives Exchange lost 15 ringgit, or 0.37%, to 4,067 ringgit ($864.03) a metric ton on the closing.
"The futures is influenced by external factors while waiting for the MPOB exports data and production figures for leads," a Kuala Lumpur-based trader said.
Palm oil inventories in the world's second-biggest producer Malaysia rose for a third consecutive month in June as exports slowed, while output fell from the previous month, a Reuters survey showed on Thursday.
Malaysia's palm oil stocks were seen at 1.83 million metric tons, up 4.53% from May-end, according to the median estimate of 12 traders, planters and analysts polled by Reuters.
The MPOB data is scheduled to be released on July 10.
Dalian's most-active soyoil contract DBYcv1 dropped 0.50%, while its palm oil contract DCPcv1 gained 0.05%. The Chicago Board of Trade BOcv1 was closed for Independence Day holiday.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
India's palm oil imports rose by 3% in June from the previous month to a six-month high on robust demand from refiners for upcoming festivals and as the oil traded at a discount to rival oils.
Oil prices edged lower on Thursday, retreating from the previous session's multi-month highs, with investors taking profits as demand caution remained in focus despite last week's decline in U.S. inventories. O/R
Higher crude oil futures make palm a more attractive option for biodiesel feedstock.
($1 = 4.7070 ringgit)
Reporting by Dewi Kurniawati; Editing by Mrigank Dhaniwala and Rashmi Aich
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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