* Exports for Nov. 1-25 inches down 1.8 pct -ITS
* Exports for same period down 1.9 pct -SGS
* Palm oil to rise to 2,485 ringgit -technicals
(Updates prices, adds SGS export data)
By Anuradha Raghu
KUALA LUMPUR, Nov 26 Malaysian palm oil futures
edged up on Monday on expectations stocks might grow at a slower
pace, with the market also focusing on Greek financial aid deal
set to be signed later in the day that may cheer markets.
Cargo surveyor data showed Malaysian exports declined at a
much slower pace, easing pressure on stockbuild and supporting
palm oil prices that have fallen 23 percent so far this year on
roiling financial markets.
"If exports maintain their two percent drop for the full
month, it means that although inventory levels are poised to go
higher, it may be growing at a slower rate than expected," said
Kenanga Investment Bank analyst Alan Lim.
The benchmark February contract on the Bursa
Malaysia Derivatives Exchange rose 1.5 percent to close at 2,432
ringgit ($796) per tonne.
Total traded volumes stood at 30,722 lots of 25 tonnes each,
higher than the usual 25,000 lots.
Technicals showed that a new bullish target of 2,485 ringgit
per tonne has been established, aborting its more bearish 2,321
ringgit target previously, said Reuters market analyst Wang Tao.
Cargo surveyor Intertek Testing Services said palm oil
exports in Nov. 1-25 fell 1.8 percent to 1,276,792 tonnes from a
month ago, showing slight improvement from a 3.3 percent drop in
the first twenty days of this month.
Another cargo surveyor, Societe Generale de Surveillance,
reported a similar 1.9 percent drop for the same period.
The market expects weaker palm oil prices in October and
November to stimulate demand from price-sensitive countries such
as India and Pakistan, translating to higher exports in the
weeks to come.
Financial markets across the world were generally optimistic
about a euro zone finance ministers meeting on Monday which is
pushing for international lenders to release emergency aid and
stem the region's debt crisis.
Brent crude oil steadied around $111 a barrel on Monday as
violent protests in Egypt raised new worries over the stability
of the Middle East, reigniting supply concerns.
U.S. soyoil for December delivery inched up 0.5
percent in late Asian hours, resuming trade after Thanksgiving
holidays. The most-active May 2013 soybean oil contract
on the Dalian Commodity Exchange closed 1.1 percent higher.
Palm, soy and crude oil prices at 1005 GMT
Contract Month Last Change Low High Volume
MY PALM OIL DEC2 2265 -2.00 2240 2284 574
MY PALM OIL JAN3 2385 +30.00 2357 2392 5034
MY PALM OIL FEB3 2432 +37.00 2398 2438 17648
CHINA PALM OLEIN MAY3 6816 +112.00 6766 6836 582850
CHINA SOYOIL MAY3 8602 +92.00 8578 8626 519198
CBOT SOY OIL DEC2 49.30 +0.26 48.95 49.50 5756
NYMEX CRUDE JAN3 87.73 -0.55 87.67 88.29 13919
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
(Additional reporting by Chew Yee Kiat; Editing by Niluksi
Koswanage and Miral Fahmy)