VEGOILS-Palm oil edges lower, stocks data eyed
* Malaysia Aug stocks likely up 4 pct at 1.73 mln T -poll * Cargo surveyors' Sept 1-10 exports data due Tues * MPOB August stocks, output, exports data also due Tues * Palm trades in 2,397-2,449 ringgit range (Updates prices) By Chew Yee Kiat SINGAPORE, Sept 9 (Reuters) - Malaysian palm oil futures fell on Monday, as investor caution set in ahead of key industry data that could show end-stocks creeping higher in the world's No.2 producer. Industry regulator the Malaysian Palm Oil Board (MPOB) is due to release August stocks data on Tuesday, which may show an increase to 1.73 million tonnes, the highest level in three months as output outweighed exports, a Reuters survey showed. Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance are also reporting Malaysian Sept. 1-10 exports data on Tuesday. "The market should be quite range-bound today, with traders positioning ahead of MPOB and exports data tomorrow. Stocks are likely to be flat or higher and hopefully exports for the first 10 days are stronger," said a trader with a foreign commodities brokerage in Kuala Lumpur. The benchmark November contract on the Bursa Malaysia Derivatives Exchange lost 1.7 percent to close at 2,402 ringgit ($730) per tonne, after trading in a range of 2,397 to 2,449 ringgit. Total traded volume stood at 29,350 lots of 25 tonnes each, lower than the average 35,000 lots. Technicals showed palm oil is expected to drop to 2,385 ringgit per tonne, driven by a wave analysis, according to Reuters market analyst Wang Tao. Traders are expecting higher overseas demand for palm oil in August to continue into September as key buyer China restocks ahead of the Mid-Autumn festival later this month. Market participants are also keeping a close watch on the ringgit this week. The tropical oil enjoyed a surge in buying interest last week thanks to the weaker Malaysian currency, which makes the feedstock cheaper for overseas buyers and refiners. In other markets, oil eased below $116 a barrel on Monday with investors focused on Syria after Russia and China again urged the United States to avoid military action ahead of a key vote by the U.S. senate. In vegetable oil markets, the U.S. soyoil contract for December gained 0.5 percent in late Asian trade. The most-active January soybean oil contract on the Dalian Commodities Exchange edged up 0.8 percent. Palm, soy and crude oil prices at 1009 GMT Contract Month Last Change Low High Volume MY PALM OIL SEP3 2406 -26.00 2400 2412 99 MY PALM OIL OCT3 2403 -44.00 2400 2448 1241 MY PALM OIL NOV3 2402 -42.00 2397 2449 15269 CHINA PALM OLEIN JAN4 5640 +26.00 5632 5680 303300 CHINA SOYOIL JAN4 7312 +58.00 7292 7336 716344 CBOT SOY OIL DEC3 43.96 +0.24 43.73 44.13 5270 NYMEX CRUDE OCT3 110.03 -0.50 109.76 110.46 19644 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=3.29 Malaysian ringgit) (Editing by Joseph Radford and Prateek Chatterjee)
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