April 27, 2018 / 5:40 AM / 24 days ago

VEGOILS-Palm edges up ahead of industry data, analyst forecasts

    * Palm in line for first gain in five days
    * Market to trade sideways until further news - trader
    * Palm may revisit low of 2,354 rgt/T range - techs

    By Emily Chow
    KUALA LUMPUR, April 27 (Reuters) - Malaysian palm oil
futures edged up at the midday break on Friday after earlier
trading in a range, as traders awaited upcoming industry data
and forecasts from leading analysts.
    The benchmark palm oil contract for July delivery
on the Bursa Malaysia Derivatives Exchange rose 0.2 percent to
2,393 ringgit ($610.77) a tonne at the midday break, in line for
its first gain in five days.
    Trading volumes stood at 7,932 lots of 25 tonnes each.
    "The market has been trading sideways, it is waiting for
more news and ahead of an industry conference on Saturday," said
a trader in Kuala Lumpur.
    An edible oils conference is scheduled in Dubai over the
weekend, where leading analysts are expected to present their
forecasts. 
    Palm is, however, down 0.9 percent for the week so far,
following three previous sessions of falls on weakening export
demand.
    Malaysian palm oil shipments for April 1-25 fell 0.8-2.5
percent compared with the corresponding period last month,
independent inspection company AmSpec Agri Malaysia and cargo
surveyor Societe Generale de Surveillance reported earlier this
week.
    Export data for the full month is scheduled on Monday after
0300 GMT. 
    In other related oils, the Chicago July soybean oil contract
 fell 0.1 percent, while the September soybean oil on
China's Dalian Commodity Exchange edged up 0.03 percent.
    The Dalian September palm oil contract rose 0.1
percent. 
    Palm oil is impacted by movements in rival edible oils as
they compete for a share in the global vegetable oils market. 
    Palm oil may revisit its April 17 low of 2,354 ringgit per
tonne, as a bounce from this level could have ended around a
resistance at 2,434 ringgit, said Reuters market analyst for
commodities and energy technicals Wang Tao.
    
    Palm, soy and crude oil prices, as of 0524 GMT
 Contract           Month    Last  Change     Low   High  Volume
 MY PALM OIL       MAY8      2389   +3.00    2381   2389      16
 MY PALM OIL       JUN8      2394   +3.00    2388   2395     500
 MY PALM OIL       JUL8      2393   +4.00    2387   2394    3956
 CHINA PALM OLEIN  SEP8      4984   +4.00    4968   4994  149352
 CHINA SOYOIL      SEP8      5744   +2.00    5720   5754  199414
 CBOT SOY OIL      JUL8     31.05   -0.04   31.02  31.09    2455
 INDIA PALM OIL    APR8    645.60   -0.80  645.40  646.1      38
 INDIA SOYOIL      MAY8     766.1   -2.35  765.05    768    1850
 NYMEX CRUDE       JUN8     68.02   -0.17   67.89  68.21   22592
  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 = 3.9180 ringgit)
($1 = 66.7050 Indian rupees)
($1 = 6.3351 Chinese yuan)
    

 (Reporting by Emily Chow; Editing by Biju Dwarakanath)
  
 
 
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