20130109 1458 Palm Oil Related News.

VEGOILS-Palm recovers from 2-wk low, investor caution caps gains BOZ2 DBYF3 FCPOc3 - RTRS
09-Jan-2013 13:48
Cargo surveyors to issue Malaysia Jan 1-10 export data on Thurs Malaysia Dec palm oil stocks, output data also due Thurs Palm oil to consolidate in 2,371-2,407 ringgit zone -technicals

(Updates prices, adds detail)
By Chew Yee Kiat
SINGAPORE, Jan 9 (Reuters) - Malaysian palm oil futures rebounded from a more-than-two-week low on Wednesday, snapping four consecutive days of losses, although gains were limited by investor caution ahead of a slew of key industry data this week.
Traders are uncertain whether overseas buyers will increase their purchases after Malaysia set a zero percent crude palm oil export tax in January, especially as China is this month introducing stricter rules on edible oil imports.
They will be looking out for Malaysia's export data for the first 10 days of January due on Thursday for more trading clues. PALM/ITS PALM/SGS
"From the first week of January until now, we have not seen any official data, so market participants have no idea how strictly China is in enforcing the regulation," said Ker Chung Yang, commodities analyst with Phillip Futures in Singapore.
"But on the other hand, we have this zero percent export tax that could support prices."
By the midday break, the benchmark March contract FCPOc3 on the Bursa Malaysia Derivatives Exchange had edged up 0.5 percent to 2,402 ringgit ($790) per tonne. Prices dropped to a low of 2,382 ringgit on Tuesday, a level last seen on Dec. 21.
Total traded volume stood at 17,396 lots of 25 tonnes each, higher than the usual 12,500 lots.
Technical analysis showed palm oil is expected to consolidate in a zone of 2,371-2,407 ringgit for one trading session before sliding more towards 2,334 ringgit, said Reuters market analyst Wang Tao. (Full Story)
Market participants will also be focusing on Malaysia's December palm oil stocks and output data on Thursday. A Reuters survey earlier showed stocks likely eased to 2.5 million tonnes from a record 2.56 million tonnes thanks to slowing production. (Full Story)
Malaysia's weather office issued a heavy rain advisory on Thursday, saying that intermittent rain may cause floods over low-lying areas in Sarawak, a key oil palm producing state, possibly disrupting harvesting.
In related markets, Brent futures slipped below $112 per barrel on Wednesday as investors awaited Chinese trade data, U.S. corporate earnings and the outcome of a European Central Bank policy meeting to glean insights into the health of the world's biggest economies. O/R
In competing vegetable oil markets, U.S. soyoil for March delivery BOH3 edged up 0.3 percent in early Asian trade. Investors in agricultural markets are taking positions ahead of a U.S. Department of Agriculture supply-demand report due to be released on Friday. GRA/
The most active May soybean oil contract DBYcv1 on the Dalian Commodity Exchange had lost 0.8 percent by 0531 GMT.