Palm falls on weak soyoil, set to post weekly gain
JAKARTA, Aug 23 (Reuters) -Malaysian palm oil futures fell on Friday, snapping two straight session of gains, tracking weak soyoil in Dalian and Chicago markets but were headed for their first weekly gain in five weeks.
The benchmark palm oil contract FCPOc3 for November delivery on the Bursa Malaysia Derivatives Exchange lost 25 ringgit, or 0.65%, to 3,810 ringgit ($869.66)a metric ton by 0231 GMT.
For the week the contract has gained 3.26%, its biggest weekly gain since May-end.
FUNDAMENTALS
* Dalian's palm oil contract DCPcv1 gained 0.52%, while the most-active soyoil contract DBYcv1 was down 0.24%. Soyoil prices on the Chicago Board of Trade BOc2 fell 0.4%.
* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
* Indonesia plans to implement biodiesel with a mandatory 40% blend of palm oil-based fuel from Jan. 1 next year, a senior energy ministry official said.
* Exports of Malaysian palm oil products for Aug. 1-20 fell between 16.7% and 18.4% from a month earlier, data from cargo surveyors Societe Generale de Surveillance (SGS), Intertek Testing Services and AmSpec Agri Malaysia showed.
* Palm oil FCPOc3 may retest resistance of 3,833 ringgit per metric ton, a break above which could confirm a target range of 3,862 ringgit to 3,880 ringgit, Reuters technical analyst Wang Tao said. TECH/C
MARKET NEWS
* U.S. Treasury yields were back near 5% on Thursday, reinforced by above-expectation U.S. GDP data, dragging shares around the world to multi-month lows in the middle of a busy corporate earnings week. MKTS/GLOB
DATA/EVENTS (GMT)
0645 France Business Climate Mfg August
0645 France Business Climate Overall August
1400 US New Home Sales-Units July
($1 = 4.3810 ringgit)
Reporting by Bernadette Christina; Editing by Janane Venkatraman
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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