Commodities

VEGOILS-Palm oil eases before supply and demand data, eyes weekly rise

Malaysian palm oil futures ticked down for a second straight session on Friday as investors turned cautious ahead of key supply and demand data, but the contract was set for a 1.2%weekly rise.

KUALA LUMPUR, Sept 10 (Reuters) - Malaysian palm oil futures ticked down for a second straight session on Friday as investors turned cautious ahead of key supply and demand data, but the contract was set for a 1.2%weekly rise.

The benchmark palm oil contract FCPOc3 for November delivery on the Bursa Malaysia Derivatives Exchange slid 31 ringgit, or 0.71%, to 4,361 ringgit ($1,052.62) a tonne during early trade.

FUNDAMENTALS

* The market is awaiting Malaysian Palm Oil Board (MPOB) data and cargo surveyors' data for Sept. 1-10 exports, both due later in the day.

* A Reuters poll last week forecast end-August stockpiles to jump 16.3% from the month before, while production is seen rising 11.2%.

* Indonesia's palm oil exports fell 12.4% in July compared with a year ago, data from the country's palm oil association showed on Thursday.

* Dalian's most-active soyoil contract DBYcv1and its palm oil contract DCPcv1 both fell 0.2%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.2%.

* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

MARKET NEWS

* Asian shares rallied on Friday after two days of losses, but were still in a nervous mood as global investors grapple with how best to interpret central banks' cautious moves to end stimulus, which also left currency markets quiet. MKTS/GLOB

DATA/EVENTS (GMT)

0600 UK GDP Est 3M/3M July

0600 UK Estimate MM, YY July

0600 UK Manufacturing Output MM July

0600 Germany HICP Final YY Aug

($1 = 4.1440 ringgit)

($1 = 4.1430 ringgit)

(Reporting by Mei Mei Chu; Editing by Devika Syamnath)

((Meifong.chu@thomsonreuters.com))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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