VEGOILS-Palm oil firms on higher early September exports
Malaysian palm oil futures edged up on Monday ahead of key palm oil board data, supported by a rise in early September exports.
The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange gained 33 ringgit, or 0.92%, to 3,627 ringgit a tonne during early trade.
* The Malaysian Palm Oil Board (MPOB) is scheduled to release August supply and demand data later in the day. A Reuters’ poll has pegged a rise in production lifting inventories to 2.03 million tonnes.
Exports of Malaysian palm oil products for Sept. 1-10 rose between 9.3% and 16.2% from the same period in August, cargo surveyors said on Saturday.
* Soyoil prices on the Chicago Board of Trade BOcv1 fell 1%. The Dalian Commodity Exchange was closed for a public holiday.
* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
* Palm oil may retest a resistance at 3,666 ringgit per tonne, a break above could lead to a gain into 3,738-3,783 ringgit range, Reuters technical analyst Wang Tao said.