Palm gains on stronger rival oils, but set for third weekly drop
KUALA LUMPUR, Aug 9 (Reuters) -Malaysian palm oil futures climbed on Friday, buoyed by stronger rival Dalian and Chicago contracts, but the contract was on track for a third consecutive weekly loss.
The benchmark palm oil contract FCPOc3 for October delivery on the Bursa Malaysia Derivatives Exchange was up 46 ringgit, or 1.24%, at 3,750 ringgit ($840.81) a metric ton, as of 0234 GMT.
The contract has lost 4.3% so far this week.
FUNDAMENTALS
* Dalian's most-active soyoil contract DBYcv1 rose 0.4%, while its palm oil contract DCPcv1 advanced 1.47%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.15%.
* Palm oil tracks price movements of rival edible oils, as they compete for a share of the global vegetable oils market.
* Oil prices edged down in early Asian trading but were on track to gain more than 3% for the week as U.S. jobs data calmed demand concerns and fears of a widening Middle East conflict persisted. O/R
* Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.
* The ringgit MYR=, palm's currency of trade, strengthened 0.22% against the dollar, making the commodity more expensive for buyers holding foreign currencies.
* Palm oil inventories in Malaysia are expected to drop in July for the first time after rising for three consecutive months, a Reuters survey showed.
* Industry regulator the Malaysian Palm Oil Board is scheduled to release its monthly palm oil data on Aug. 12.
MARKET NEWS
* Asian shares are ending a rough week on a high as Japanese stocks are close to recouping all of the huge losses from Monday, while the yen slipped again as markets pared back the chance of an outsized U.S. rate cut. MKTS/GLOB
DATA/EVENTS
0600 Germany HICP Final YY July
($1 = 4.4600 ringgit)
Reporting by Danial Azhar; Editing by Sherry Jacob-Phillips
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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