20120907 1625 Palm Oil Related News.

VEGOILS-Palm oil extends losses on stock build; industry data eyed - RTRS
07-Sep-2012 14:09
Futures on course for more than 3 pct loss this week Palm oil to drop to 2,867 ringgit -technicals Coming up: MPOB August stocks, production data on Monday Malaysia's Sept. 1-10 exports data on Monday
By Chew Yee Kiat
SINGAPORE, Sept 7 (Reuters) - Malaysian crude palm oil futures dropped on Friday, staying on track for their worst weekly performance since late July, with traders cautious ahead of data on Monday that could show high inventory in the Southeast Asian country.
Improving crop prospects in parts of the U.S. grain belt weighed on soybeans, which in turn hurt palm oil futures, down more than 3 percent so far this week. GRA/
"Lately palm oil has been rangebound and immediate support is at 2,900 ringgit," said a trader with a global commodity house in Singapore.
"Now everyone's looking for demand, only that can confrim the next firm direction for palm."
By the midday break, the benchmark November contract FCPOc3 on the Bursa Malaysia Derivatives Exchange had fallen 0.9 percent to 2,923 ringgit ($940) per tonne. The contract dropped to 2,913 ringgit on Thursday, its lowest level since Aug. 16.
Total traded volume stood at 20,217 lots of 25 tonnes each, much higher than the usual 12,500 lots.
Reuters analyst Wang Tao said that, based on a wave analysis, palm oil looked likely to drop to 2,867 ringgit per tonne.
Market players are focusing on a slew of data on Monday including the Malaysian Palm Oil Board's figures on August stocks, which could hit a 9-month peak as high production offsets demand growth.
Leading industry analyst Dorab Mistry said on Thursday that record southeast Asian palm oil stocks may weigh on prices.
Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance also report Sept. 1-10 exports numbers on Monday after a strong showing in August. PALM/ITS PALM/SGS
Weather concerns have eased a little as a weak El Nino predicted by the U.S. government forecaster provided relief to Southeast Asian planters.
Brent futures fell below $113 per barrel on Friday ahead of a U.S. jobs report expected to give an indication of the economic health of the world's biggest oil consumer, and as the United States considered a release of emergency oil reserves, potentially much larger than the last. O/R
In other vegetable oil markets, U.S. soyoil for December delivery BOZ2 rose 0.3 percent and the most active January 2013 soyoil contract DBYF3 on the Dalian Commodity Exchange had gained 0.5 percent by 0537 GMT.