VEGOILS-Palm trades lower, set for weekly loss; Malaysia data eyed

(Updates with midday break prices, comment on paragraph 4) By Dewi Kurniawati JAKARTA, Sept 6 (Reuters) - Malaysian palm oil reversed gains on Friday and is on track for a weekly loss, while the market is expecting the Malaysian Palm Oil Board's (MPOB) data next week. The benchmark palm oil contract FCPOc3 for November delivery on the Bursa Malaysia Derivatives Exchange went down 32 ringgit, or 0.82%, at 3,885 ringgit ($897.23) a metric ton, by the midday break. The contract has declined 2.31% so far this week. "The futures seem to be trading in a 3,850-3,950 ringgit range while waiting for the MPOB report next week," a Kuala Lumpur-based trader said. The MPOB is scheduled to release its monthly palm oil data on Tuesday, Sept. 10. Malaysia's palm oil inventories are expected to have climbed 7.31% to a six-month high of 1.86 million metric tons at end-August due to lacklustre export demand, a Reuters survey of 14 traders, planters and analysts showed. Dalian's most-active soyoil contract DBYcv1 fell 0.34%, while its palm oil contract DCPcv1 was up 0.23%. The Chicago Board of Trade BOcv1 declined 1.14%. Palm oil tracks price movements in related oils as they compete for a share of the global vegetable oils market. Indonesia, the biggest palm oil exporter, plans to lower export duties to improve competitiveness and raise farmers' income. The Malaysian ringgit MYR= , palm's currency of trade, gained 0.13% against the dollar. A stronger ringgit makes palm oil less attractive for foreign currency holders. Oil prices edged up as investors weighed a big U.S. crude inventories withdrawal and a delay to production hikes by OPEC+ producers against mixed U.S. employment data. O/R Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. Palm oil FCPOc3 may retest support at 3,864 ringgit, a break below which could trigger a fall into the 3,777-3,821 ringgit range, according to Reuters' technical analyst Wang Tao. ($1 = 4.3300 ringgit) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ cpo https://tmsnrt.rs/3XvuNsx ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Dewi Kurniawati; Editing by Savio D'Souza) (([email protected])) ((For a table on Malaysian physical palm oil prices, including refined oil, Reuters Terminal users can double click on or type OILS/MY01 . * To view freight rates from Peninsula Malaysia/Sumatra to China, India, Pakistan and Rotterdam, please key in OILS/ASIA2 and press enter, or double click between the brackets. * Reuters Terminal users can see cash and futures edible oil prices by double clicking on the codes in the brackets: To go to the next page in the same chain, hit F12. To go back, hit F11. Vegetable oils OILS/ASIA1 Malaysian palm oil exports SGSPALM1 CBOT soyoil futures 0#BO: CBOT soybean futures 0#S: Indian solvent SOLVENT01 Dalian Commodity Exchange DC/MENU Dalian soyoil futures 0#DBY: Dalian refined palm oil futures 0#DCP: Zhengzhou rapeseed oil 0#COI: European edible oil prices/trades OILS/E ))