Malaysian Palm Oil Council Russia's Post

VEGOILS-Palm falls ahead of MPOB supply-demand report

KUALA LUMPUR, Aug 10 (Reuters) - Malaysian palm oil futures fell on Thursday, surrendering gains from the previous session, as traders awaited key palm oil board and cargo surveyor data due later in the day.

The benchmark palm oil contract FCPOc3 for October delivery on the Bursa Malaysia Derivatives Exchange slid 40 ringgit, or 1.06%, to 3,731 ringgit ($816.05) per metric ton in early trade.

FUNDAMENTALS
The Malaysian Palm Oil Board (MPOB) is scheduled to release July supply and demand data later in the day. Cargo surveyors are also due to announce Aug. 1-10 export shipments data.

A Reuters survey estimated July inventories to rise 4.2% from the month before to a five-month high of 1.79 million tonnes as production climbed.

Dalian's most-active soyoil contract DBYcv1 gained 1.5%, while its palm oil contract DCPcv1 rose 0.7%. Soyoil prices on the Chicago Board of Trade BOcv1 were down 0.6%.

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

MARKET NEWS
Asian stocks lost ground, still hurting from China's slip into deflation, with investors particularly cautious ahead of a crucial U.S. inflation report that will likely influence the Federal Reserve's monetary policy path.

Oil prices fell in early Asian trade after reaching fresh highs in the previous session as concerns about the Chinese economy offset the positive impact of steep drawdowns in U.S. fuel stockpiles and Saudi and Russian output cuts.
By: via Malaysian Palm Oil Council Russia