RTRS:VEGOILS-Palm oil rises to 1-week high, stocks data eyed
* Palm oil trades in a range of 2,345-2,387 ringgit/tonne
* Prices up 1.7 pct for the week, first such gain since
early June
* Market eyes MPOB official report next week -trader
* Malaysia June palm oil stocks seen at 1-yr low -Reuters
poll
(Updates throughout)
By Chew Yee Kiat
SINGAPORE, July 5 (Reuters) - Malaysian palm oil futures
rose to a more than one-week high on Friday, reversing losses
seen earlier in the session as hopes for a drawdown in stocks in
the world's No.2 producer helped offset concerns about rising
output.
Palm oil inventories at the end of June are likely to have
dropped to a year-low of 1.74 million tonnes, while output may
have logged its biggest monthly jump so far this year, a Reuters
poll showed.
Industry regulator the Malaysian Palm Oil Board (MPOB) will
release June stocks and production report on Wednesday.
"Everyone is waiting for the MPOB report. The market is also
quiet today ahead of the weekend and the U.S. soyoil markets are
still closed," said a trader with a global commodities house in
Singapore.
The benchmark September contract on the Bursa
Malaysia Derivatives Exchange gained 0.6 percent to close at
2,384 ringgit ($748) per tonne, slightly lower than its intraday
peak of 2,387 ringgit -- the highest since June 26.
Total traded volumes stood at 35,387 lots of 25 tonnes each,
in line with the average 35,000 lots.
For the week, prices posted a 1.7 percent gain, the first in
four weeks, buoyed by expectations that stocks will ease and
that exports will rise in the July 1-10 period on last-minute
buying ahead of Ramadan next week.
But traders said weaker demand post-Ramadan and rising
production could depress palm prices.
Output of the tropical oil is seen rising 6 percent in June,
the Reuters poll showed, suggesting the start of a higher
production cycle that typically begins in the second half.
In other markets, Brent crude held above $105 a barrel and
was on course for its strongest weekly gain in a month, ahead of
key U.S. jobs data that could bolster confidence in recovery in
the world's largest oil consumer.
In vegetable oil markets, the most-active January soybean
oil contract on the Dalian Commodities Exchange fell
0.6 percent.
Palm, soy and crude oil prices at 1010 GMT
Contract Month Last Change Low High Volume
MY PALM OIL JUL3 0 +0.00 0 0 14
MY PALM OIL AUG3 2384 +10.00 2350 2388 3719
MY PALM OIL SEP3 2384 +13.00 2345 2387 16755
CHINA PALM OLEIN JAN4 5890 -40.00 5870 5934 304182
CHINA SOYOIL JAN4 7316 -44.00 7276 7358 615828
CBOT SOY OIL DEC3 45.99 +0.00 0.00 0.00 0
NYMEX CRUDE AUG3 101.02 -0.22 100.71 101.61 40641
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
