Friday, June 4, 2010

20100604 0903 Edible Oil/ Oil Seeds News.

Palm oil edges lower on short selling, upside limited JAKARTA, June 3 (Reuters) - Malaysian palm oil futures fell on short-selling , erasing early gains as investors tested the resistance and support level, traders said.
"The market started on a bullish note but lack of bullish news and anaemic demand capped the upside," said one trader in Kuala Lumpur.

Indian palm oil needs for festivals may shrink 30 pct
YOGYAKARTA, Indonesia June 3 (Reuters) - India's palm oil imports ahead of its festival season will tumble 30 percent to 1.13 million tonnes for July-September shipments from a year ago, on a high domestic oilseed crush, traders said on Thursday.
Palm oil mostly bought from Indonesia has also given up some of its market share to Argentine soyoil that has narrowed its price difference with palm oil to below $50 a tonne from $150 two months ago.

China's palm oil demand to pick up from July-trade
YOGYAKARTA, Indonesia, June 3 (Reuters) - China will order more palm oil cargoes from July onwards to stock up for the festivals starting from September, southeast Asian exporters and Chinese traders said on Thursday.
Palm oil imports by the world's No.2 vegetable oils buyer will show only modest growth thanks to a high soybean crush, although China's trade freeze on Argentine soyoil may give an upside to palm oil, they said.

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