Malaysian Palm Oil Council Russia's Post

VEGOILS-Palm oil heads for weekly gain amid bargain hunting

JAKARTA, Aug 26 (Reuters) - Malaysia's benchmark palm oil futures rebounded on Friday, driven by bargain buying, as the oilseed tracked a recent rally in rival oils and was poised for a weekly gain.

The benchmark palm oil contract FCPOc3 for November delivery on the Bursa Malaysia Derivatives Exchange gained 0.56% to 4,282 ringgit ($957.51) in early trade.

The contract has gained 4.62% so far this week.

FUNDAMENTALS
Cargo surveyor Intertek Testing Services and independent inspection company AmSpec Agri estimated exports of Malaysian palm oil products for Aug. 1-25 were up between 4.9% and 10%, while cargo surveyor Societe Generale de Surveillance reported exports fell 0.1%.

Soyoil prices on the Chicago Board of Trade BOc2 fell 0.12%, while Dalian's soyoil contract DBYv1 lost 0.70% and its palm oil contract DCPv1 was down 0.23%.

Palm oil is affected by price movements in related oils, as they compete for a share in the global vegetable oils market.

Top palm oil producer Indonesia has extended until Oct. 31 a policy of not collecting levies for palm oil exports, Trade Minister Zulkifli Hasan said on Wednesday amid efforts to encourage exports and prop up farmers' prices for fresh palm oil.

Palm oil FCPOc3 is expected to test a support at 4,085 ringgit per tonne, a break below may open the way towards 3,857 ringgit, Reuters technical analyst Wang Tao said.

MARKET NEWS
Asian shares rose on Friday, buoyed by news of possible progress for China and the United States to hammer out an audit deal, while traders anxiously awaited a speech from Federal Reserve Chair Jerome Powell on rate-hike path later in the day.

Oil prices rose in early trade on Friday on signs of improving fuel demand, although gains were capped as the market awaited clues from the U.S. Federal Reserve chairman on the outlook for rate hikes in a speech later in the day.
By: via Malaysian Palm Oil Council Russia