* Up for third session, posts fifth straight weekly gain
* May end-stocks, June 1-10 export data due on Monday
* Malaysia May palm oil stocks likely eased to 1.78 mln T
* Palm oil to peak around 2,457 ringgit -technicals
By Chew Yee Kiat
SINGAPORE, June 7 Malaysian palm oil futures
climbed to their highest in more than two months on Friday,
posting a fifth straight weekly gain, as investors placed
further bets that stocks of the edible oil in the world's No.2
producer would ease in May.
Inventory levels most likely fell from April's 1.93 million
tonnes to 1.78 million tonnes in May, the lowest in almost a
year, as export demand and local consumption outstripped
production, a Reuters survey showed.
Industry regulator the Malaysian Palm Oil Board (MPOB) will
release official stocks data on Monday, while cargo surveyors'
exports data for June 1-10 due on the same day may also show an
improvement compared to a month ago.
"We are seeing more position taking ahead of the MPOB data.
On top of that, we are also seeing more orders coming in from
India for Ramadan," said a trader with a local commodities
brokerage in Kuala Lumpur, referring to the Muslim holy month
starting in July that typically sees a rise in consumption.
At market close, the benchmark August contract on
the Bursa Malaysia Derivatives Exchange was up 0.9 percent at
2,457 ($795) ringgit per tonne, below its intraday high at 2,471
ringgit, its loftiest since March 27.
Total traded volumes stood at 42,434 lots of 25 tonnes each,
higher than the average 35,000 lots.
Technicals showed palm oil is expected to peak around 2,457
ringgit per tonne, as indicated by its wave pattern, Reuters
market analyst Wang Tao said.
For the week, palm oil gained 2.5 percent on hopes of lower
stocks and higher restocking demand from India and Pakistan.
In other markets, Brent futures rose above $104 a barrel,
supported by a sharp fall in the dollar and expectations of
ongoing U.S. economic stimulus, putting the contract on course
for its biggest weekly gain since late April.
In vegetable oil markets, U.S. soyoil for July
climbed 0.6 percent in late Asian trade. The most-active
September soybean oil contract on the Dalian Commodities
Exchange gained 1.3 percent.
Palm, soy and crude oil prices at 1002 GMT
Contract Month Last Change Low High Volume
MY PALM OIL JUN3 2425 +36.00 2398 2425 112
MY PALM OIL JUL3 2454 +30.00 2424 2466 2511
MY PALM OIL AUG3 2457 +22.00 2436 2471 20486
CHINA PALM OLEIN SEP3 6358 +214.00 6152 6382 1177478
CHINA SOYOIL SEP3 7496 +94.00 7356 7508 788414
CBOT SOY OIL JUL3 48.47 +0.31 47.95 48.50 7582
NYMEX CRUDE JUL3 95.14 +0.38 94.62 95.18 14155
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
(Editing by Himani Sarkar)