20120903 1557 Crude Palm Oil Related News.

VEGOILS-Palm oil edges up on exports, Bernanke - RTRS
Sentiment positive on further stimulus hopes Malaysia's August exports jump 17.7 pct -ITS Palm oil to end rebound below 3,067 ringgit -technicals
By Anuradha Raghu
KUALA LUMPUR, Sept 3 (Reuters) - Malaysian crude palm oil futures rose on Monday on strong exports last month and after U.S. Federal Reserve Chairman Ben Bernanke kept the door open for further stimulus that could prop up global growth and support commodity demand.
Palm oil exports posted an 18 percent gain in August from a month ago to the highest level this year, cargo surveyor Intertek Testing Services said on Friday, in part boosted by the edible oil's huge discount to competing soyoil. PALM/ITS
"Exports were very good, the market is going for a temporary upward trend," said a trader with a foreign commodities brokerage in Malaysia. "Bear in mind that soyoil is stil trading at a premium over palm oil by $285. All these factors are a plus for palm oil," he added.
By the midday break, the benchmark November 2012 contract FCPOc3 on the Bursa Malaysia Derivatives Exchange rose 1.2 percent to 3,055 ringgit ($982) per tonne. Futures posted a 1.6 percent loss last week after two straight weeks of gains.
Total traded volume stood at 14,151 lots of 25 tonnes each, higher than the usual 12,500 lots.
Technicals look bearish as palm oil is expected to end its current rebound in a resistance zone of 3,050-3,067 ringgit, followed by a drop towards 2,978 ringgit, said Reuters analyst Wang Tao.
But market sentiment remained positive on healthy export demand for palm oil and after the minutes of the last meeting of Fed policymakers suggested that the central bank was leaning towards further stimulus to boost the economy.
Exports surged to 1.45 million tonnes in August, bolstered by higher shipments of crude products and a demand recovery from major food buyers China and India.
Another cargo surveyor Societe Generale de Surveillance will issue August exports data later in the day. PALM/SGS
Brent crude edged lower on Monday after Chinese data pointed to a further slowdown in the economy of world's No.2 oil consumer, although prices stayed above $114 per barrel as investors remained optimistic that more global economic stimulus measures may be on the way.
In other vegetable oil markets, the most active January 2013 soyoil contract DBYF3 on the Dalian Commodity Exchange jumped 2.7 percent to a contract high by the midday break. The U.S. soybean futures markets were closed for the Labor Day holiday.