Malaysian Palm Oil Council Russia's Post

VEGOILS-Palm set to post third weekly loss

KUALA LUMPUR, Aug 11 (Reuters) - Malaysian palm oil futures fell for a third session on Friday, tracking weakness in rival vegetable oils on the Dalian Commodity Exchange, and are set to post a third weekly loss.

The benchmark palm oil contract FCPOc3 for October delivery on the Bursa Malaysia Derivatives Exchange lost 30 ringgit, or 0.80%, to 3,698 ringgit ($807.95) per metric ton in early trade.

FUNDAMENTALS
India's demand for palm oil has been increasing as its discount to soyoil and sunoil has grown and the surge in demand is expected to assist Indonesia and Malaysia in bringing down their palm oil inventories.

Malaysia's end-July palm oil inventories rose to a five-month peak on higher production, data from the country's palm oil board showed on Thursday, but missed expectations as exports grew at a faster pace.

Exports of Malaysian palm oil products for August 1-10 were seen rose between 5.9% and 17.5%, data from cargo surveyor Intertek Testing Services and independent inspection company AmSpec Agri Malaysia showed.

Dalian's most-active soyoil contract DBYcv1 lost 0.51%, while its palm oil contract DCPcv1 fell 0.99%. Soyoil prices on the Chicago Board of Trade BOc2 were up 0.05%.

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 edged towards a weekly loss on Friday and the U.S. dollar was headed for a month of gains after U.S. inflation came in steady, without the hoped-for surprise on the downside.

Oil prices edged higher on Friday on optimism from the OPEC producer group that oil demand will be robust in 2024 as it also nudged up its expectations for global economic growth.
By: via Malaysian Palm Oil Council Russia