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VEGOILS-Palm oil ticks lower amid caution over trade, production data

* Malaysia Aug 1-10 exports up 57.6 pct -ITS

* MPOB reports palm oil stocks up 5.29 pct in July

By Fergus Jensen

JAKARTA, Aug 10 (Reuters) – Malaysian palm oil futures

ticked lower on Monday, extending losses into a seventh week as

traders remained cautious due to trade and production data,

despite signs that shipments from the world’s second-largest

producer increased this month.

By the midday break, the benchmark palm oil contract for

October on the Bursa Malaysia Derivatives Exchange was

0.29 percent lower at 2,036 ringgit ($ 519) a tonne, erasing

early gains.

“It came lower because of the MPOB report, which is

considered to be bearish,” said a trader with a foreign

commodities brokerage, referring to regulator Malaysian Palm Oil

Board (MPOB). “Production is higher, and closing stocks were


Malaysia’s palm oil stocks at the end of July rose 5.29

percent to 2.27 million tonnes from a revised 2.15 million at

the end of June, MPOB said on Monday, while production increased

2.93 percent.

“The market was getting ready for this report and maybe in

the afternoon it will react to the export numbers and go

higher,” the trader said.

Exports of palm oil products for Aug. 1-10 jumped 57.6

percent to 498,993 tonnes from 316,492 tonnes for July 1-10,

cargo surveyor Intertek Testing Services said.

Rival Societe Generale de Surveillance is due to release its

Aug. 1-10 export data later on Monday.

“We have seen enough of a slide, unless we see the

fundamentals (worsen) again,” the trader said.

Last week the contract fell for the sixth week in a row, its

longest weekly losing streak in seven years.

The price could drop to a low of 1,900 ringgit a tonne by

the end of September because of ample supplies and poor demand,

vegetable oil analyst Dorab Mistry said on Thursday, but it may

recover to 2,100-2,300 ringgit by the end of November.

In other vegetable oils, the U.S. September soyoil contract

was up 0.57 percent in early Asian trade, while the most

active soybean oil contract on the Dalian Commodity

Exchange gained 1.39 percent.

Crude oil futures fell in early Asian trading, touching

multi-month lows after disappointing export data from China over

the weekend.

Palm, soy and crude oil prices at 0510 GMT

Contract Month Last Change Low High Volume

MY PALM OIL AUG5 2040 +9.00 2040 2055 97

MY PALM OIL SEP5 2030 -8.00 2030 2055 785

MY PALM OIL OCT5 2036 -6.00 2035 2061 9898

CHINA PALM OLEIN JAN6 4574 +20.00 4532 4624 499122

CHINA SOYOIL JAN6 5526 +76.00 5462 5588 571002

CBOT SOY OIL DEC5 30.45 -2.30 30.43 30.80 4000

INDIA PALM OIL AUG5 398.20 -2.30 397.80 401.40 200

INDIA SOYOIL AUG5 572.40 +0.55 571.60 573.30 7385

NYMEX CRUDE SEP5 43.61 -0.26 43.35 43.73 11797

Palm oil prices in Malaysian ringgit per tonne

CBOT soy oil in U.S. cents per pound

Dalian soy oil and RBD palm olein in Chinese yuan per tonne

India soy oil in Indian rupee per 10 kg

Crude in U.S. dollars per barrel

($ 1 = 63.7800 Indian rupees)

($ 1 = 6.2086 Chinese yuan)

($ 1 = 3.9250 ringgit)

(Reporting by Fergus Jensen; Editing by Alan Raybould)

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