* Prices touch near 1-week high at 2,458 ringgit on euro
zone optimism
* Palm oil to revisit high of 2,485 ringgit -technicals
* China's palm stocks to hit 1 mln T by year-end -CNGOIC
(Updates prices, adds detail)
By Chew Yee Kiat
SINGAPORE, Nov 27 (Reuters) - Malaysian palm oil futures
edged down on Tuesday, as traders booked profits from a near
one-week high after Greece's international lenders agreed on a
financial aid deal that boosted market optimism.
On the local front, investors are watching Malaysian palm
oil output to gauge whether stocks will reach another record
high, especially after the latest cargo surveyor data pointed to
weaker export demand.
"Demand is tepid with rumours that India may import on
domestic shortfall. Speculators are also seen pushing up futures
amid optimism that output in the fourth quarter will avert the
looming 'supply cliff'," said a trader with a local commodities
brokerage in Malaysia.
By the midday break, the benchmark February contract
on the Bursa Malaysia Derivatives Exchange fell 0.1
percent to 2,430 ringgit ($796) per tonne, after going as high
as 2,458 ringgit, a level last seen on Nov. 21.
Total traded volumes stood at 12,893 lots of 25 tonnes each,
slightly higher than the usual 12,500 lots.
Technicals showed palm oil would revisit its Nov. 20 high of
2,485 per tonne based on a wave analysis, said Reuters market
analyst Wang Tao.
Cargo surveyor data showed a slight decline of below 2
percent for Malaysian palm oil shipments in the first 25 days of
November from a month ago
The market, however, expects weaker palm oil prices to
stimulate demand for price-sensitive market such as India and
Pakistan in the weeks to come.
China might be a different story as rising stocks slow
exports.
Palm oil stocks in China could hit one million tonnes by
year-end, up from 790,000 tonnes last week, thanks to surging
imports and a stagnant domestic demand, said the China National
Grain and Oils Information Centre in a report on its website
(www.grain.gov.cn).
Brent crude rose above $111 per barrel on Tuesday after
Greece's international lenders reached a deal on a new debt
target, although worries about a looming U.S. fiscal crisis kept
a lid on gains.
In other vegetable oil markets, U.S. soyoil for December
delivery inched up 0.5 percent in early Asian trade. The
most-active May 2013 soybean oil contract on the Dalian
Commodity Exchange edged up 0.3 percent.
Palm, soy and crude oil prices at 0519 GMT
Contract Month Last Change Low High Volume
MY PALM OIL DEC2 2223 -42.00 2223 2270 118
MY PALM OIL JAN3 2376 -9.00 2370 2409 1995
MY PALM OIL FEB3 2430 -2.00 2422 2458 7123
CHINA PALM OLEIN MAY3 6852 +46.00 6818 6870 306362
CHINA SOYOIL MAY3 8628 +28.00 8610 8650 257892
CBOT SOY OIL DEC2 49.51 +0.24 49.13 49.70 1465
NYMEX CRUDE JAN3 88.05 +0.31 87.71 88.09 4912
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
($1=3.05 ringgit)
