Malaysian Palm Oil Council Russia's Post

VEGOILS-Palm rises for third session on rival oils strength; set for weekly drop

JAKARTA, Sept 15 (Reuters) - Malaysian palm oil futures rose for a third straight session on Friday, underpinned by strength in rival vegetable oils, but the market was set to post a second weekly drop.

The benchmark palm oil contract FCPOc3 for November delivery on the Bursa Malaysia Derivatives Exchange gained 36 ringgit, or 0.96%, to 3,797 ringgit ($810.89) per metric ton in early trade. The contract has lost nearly 1% so far this week.

FUNDAMENTALS
Dalian's most-active soyoil contract DBYcv1 gained 1.04%, while its palm oil contract DCPcv1 increased 0.81%. Soyoil prices on the Chicago Board of Trade BOc2 were up 0.31%.

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

Indonesia set its crude palm oil reference price at $798.83 per metric ton for the September 16-30 period, down from the first half of the month. However the export tax and levy unchanged at $33 per ton and $85 per ton, respectively
Top palm oil buyer India imported 1.13 million tons of palm oil in August, a 3.9% increase from the previous month to the highest in nine months, a leading trade body said.

Exports of Malaysian palm oil products for Sept. 1-10 fell by 11.2% from a month earlier, cargo surveyor Intertek Testing Services said on Sunday, while independent inspection company AmSpec Agri Malaysia estimated a 20.4% drop.

Malaysia's palm oil stocks at the end of August rose 22.5% from the previous month to 2.12 million tons, the highest in seven months, as output rose and exports slowed, data from the Malaysian Palm Oil Board showed on Monday.

There will be no daily reports from Reuters markets analyst Wang Tao from Sept. 14-15. Routine reports will resume on Sept. 18

MARKET NEWS
U.S. stocks ended sharply higher and the greenback jumped on Thursday as robust economic data failed to budge expectations that the Federal Reserve will leave its key interest rate unchanged next week.

Oil prices rose to their highest level in 10 months, after China cut banks' cash reserve requirements to boost its economic recovery, and on expectations that major global interest rate hike cycles were nearing their end.
By: via Malaysian Palm Oil Council Russia