* Investors eye MPOB stocks, cargo surveyor exports data
* Prices trade between 2,342-2,372 ringgit
* May briefly touch 2,330 ringgit before rebound -technicals
By Chew Yee Kiat
SINGAPORE, July 3 Malaysian palm oil futures
edged up on Wednesday amid hopes stocks could have dropped in
June, but gains were limited by concerns about rising output in
the world's No.2 producer.
Rising exports could ease stocks further from May's 1.82
million tonnes, the lowest in nearly a year, but some traders
said increasing production could limit the fall.
"We need to see the production number, which could rise
around 8-9 percent. Stocks could range around 1.75-1.78 million
tonnes. The market is just mostly in a wait-and-see mode now,"
said a dealer with a foreign commodities brokerage in Kuala
Industry regulator the Malaysian Palm Oil Board will release
official stocks data next week.
The benchmark September contract on the Bursa
Malaysia Derivatives Exchange gained 1.1 percent to close at
2,365 ringgit ($743) per tonne on Wednesday, snapping five
straight sessions of losses.
Total traded volumes stood at 36,758 lots of 25 tonnes each,
higher than the average 35,000 lots. Prices moved in a 2,342 to
2,372 ringgit range.
Technicals show palm oil may briefly touch or pierce below a
support of 2,330 ringgit before rebounding towards 2,391
ringgit, Reuters market analyst Wang Tao said.
Malaysian palm oil shipments in June rose 5-7 percent from a
month ago, as purchases spiked ahead of the Muslim holy month of
Ramadan that starts next week, cargo surveyor data showed.
Cargo surveyors will report exports data for the first 10
days of July next week. Shipments are expected to rise on
last-minute buying before Ramadan. Consumption of the edible oil
typically rises during the holy month as Muslims gather for
communal feasts to break their fast.
In other markets, oil surged on Wednesday on a sharp decline
in crude stockpiles in top consumer the United States and
political unrest in Egypt that could destabilise the Middle East
and lead to supply disruptions.
In vegetable oil markets, U.S. soyoil for December
edged up 0.6 percent in late Asian trade. The most-active
January soybean oil contract on the Dalian Commodities
Exchange fell 0.7 percent.
Palm, soy and crude oil prices at 1005 GMT
Contract Month Last Change Low High Volume
MY PALM OIL JUL3 0 +0.00 0 2350 0
MY PALM OIL AUG3 2367 +25.00 2346 2373 3590
MY PALM OIL SEP3 2365 +26.00 2342 2372 16338
CHINA PALM OLEIN JAN4 5888 -8.00 5878 5918 313970
CHINA SOYOIL JAN4 7322 -52.00 7312 7384 593888
CBOT SOY OIL DEC3 45.88 +0.26 45.55 45.90 4847
NYMEX CRUDE AUG3 101.04 +1.44 99.59 102.18 65862
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)