VEGOILS-Palm oil rises to 2-week high, export data eyed
* Palm oil tracking gains in soybeans, soybean oil * China to halt regular state soy sales from this week * Traders eye Nov. 1-20 export data on Tuesday * Palm oil to rise to 2,588 ringgit -technicals (Updates prices, adds SGS export data) By Chew Yee Kiat SINGAPORE, Nov 19 (Reuters) - Malaysian palm oil futures rose to their highest in two weeks on Monday, tracking gains in soybeans and rival soybean oil, although caution ahead of export data kept gains in check. China, the world's top soy buyer, will temporarily halt regular state sales of soy from this week as Beijing starts a stockpiling programme for the oilseed, an official think tank said on Monday. The move came after heavy crush losses and weak demand that prompted Chinese buyers to cancel purchases of some 600,000 tonnes of U.S. soybeans over the past weeks. Dalian soybean oil prices rose as analysts said some crushers could use a possible shortage of supply as an excuse to start hiking soy product prices, a move that could benefit competing palm oil. "Palm oil is just tracking soybean oil's move, and technicals are looking bullish as well," said a dealer with a foreign commodities brokerage in Malaysia. By the close, the benchmark February contract on the Bursa Malaysia Derivatives Exchange had advanced 1.2 percent to 2,459 ringgit ($804) per tonne, but off the figure of 2,479 ringgit touched earlier, the highest since Nov. 5. Total traded volumes stood at 39,326 lots of 25 tonnes each, higher than the usual 25,000 lots. Technicals showed palm oil could rise to 2,588 ringgit per tonne as it has broken above resistance at 2,447 ringgit, Reuters market analyst Wang Tao said. Exports of Malaysian palm oil products for Nov. 1 to 15 fell 0.1 percent to 769,087 tonnes from 769,534 tonnes a month ago, cargo surveyor Intertek Testing Services said on Friday. Another cargo surveyor, Societe Generale de Surveillance, reported a drop of 1.2 percent in exports for the same period. Both cargo surveyors will release Nov. 1-20 export data on Tuesday. U.S. soybeans rose 1 percent on Monday, buoyed by expectations of renewed buying after prices slid to their lowest in five months in the previous session as the world's top buyer China cancelled purchases. The gains in soybeans supported U.S. soyoil for December delivery, which climbed 1.2 percent in late Asian trade, while the most active May 2013 soybean oil contract on the Dalian Commodity Exchange closed 0.6 percent higher. In related markets, Brent crude rose towards $110 a barrel on Monday as escalating violence in the Middle East fuelled concerns over oil supplies from the region and as hopes rose that a U.S. budget crisis could be averted. Palm, soy and crude oil prices at 1010 GMT Contract Month Last Change Low High Volume MY PALM OIL DEC2 2386 +26.00 2380 2403 873 MY PALM OIL JAN3 2430 +34.00 2421 2448 9573 MY PALM OIL FEB3 2459 +30.00 2451 2479 17630 CHINA PALM OLEIN MAY3 6772 +58.00 6710 6782 441270 CHINA SOYOIL MAY3 8450 +46.00 8396 8470 743280 CBOT SOY OIL DEC2 47.62 +0.57 46.84 47.66 5916 NYMEX CRUDE JAN3 87.87 +0.95 87.11 87.99 18012 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 Crude in U.S. dollars per barrel ($1=3.06 ringgit) (Editing by Clarence Fernandez)
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