VEGOILS-Palm oil eases as prospect of tepid India demand weighs

(Updates at 0648 GMT) BEIJING, June 27 (Reuters) - Malaysian palm oil futures eased on Thursday, weighed down by the prospect of softer demand amid India's duty concessions for imports of edible oils, although forecast of lower production provided a floor to prices. The benchmark palm oil contract FCPOc3 for September delivery on the Bursa Malaysia Derivatives Exchange was down 18 ringgit, or 0.46%, at 3,861 ringgit ($818.53), as of 0648 GMT. India, the world's biggest importer of vegetable oils, on Wednesday allowed limited imports of corn, crude sunflower oil, refined rapeseed oil, and milk powder under the tariff-rate quota (TRQ), where importers pay nil or lower duty, as New Delhi tries to bring down food inflation. Exports from Malaysia during June 1-25 fell between 16.1% and 16.9% from the same period in May, cargo surveyors Intertek Testing Services and AmSpec Agri Malaysia said earlier this week. Production in the world's second-largest grower during June 1-20 is forecast to decline 6.3% from a year-ago period, traders and analysts said, citing data from the Malaysian Palm Oil Association. Dalian's most-active soyoil contract DBYcv1 gained 0.34%, while its palm oil contract DCPcv1 was trading flat. Soyoil prices on the Chicago Board of Trade BOcv1 edged 0.1% higher. Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market. Oil prices dipped on Thursday as a surprise build in U.S. stockpiles fuelled fears about slow demand from the world's top oil consumer, though declines were capped by worries a potential expansion of the Gaza war may disrupt Middle East supplies. O/R Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. Palm oil may retest support at 3,843 ringgit per metric ton, as suggested by a retracement analysis, Reuters technical analyst Wang Tao said. TECH/C ($1 = 4.7170 ringgit) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ cpo https://tmsnrt.rs/4cCOTWx ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Mei Mei Chu; Editing by Sherry Jacob-Phillips) (([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 ))