VEGOILS-Palm oil firms on slowing output forecast

BEIJING, June 27 (Reuters) - Malaysian palm oil futures rose for a second straight session on Thursday but traded in a tight range, as traders weighed forecasts of lower production against a softer demand. The benchmark palm oil contract FCPOc3 for September delivery on the Bursa Malaysia Derivatives Exchange gained 9 ringgit, or 0.23%, to 3,888 ringgit ($824.43) during early trade. FUNDAMENTALS * 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, traders and analysts said, citing data from the Malaysian Palm Oil Association. * Dalian's most-active soyoil contract DBYcv1 gained 0.8%, while its palm oil contract DCPcv1 were up 0.7%. Soyoil prices on the Chicago Board of Trade BOcv1 rose 0.5%. * Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market. * Crude oil prices slid in early Asian trade on Thursday as a surprise build in U.S. stockpiles fuelled fears about slow demand from the top oil consumer, though worries a potential expansion of the Gaza war may disrupt Middle East supplies capped declines. 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 MARKET NEWS * Asian shares fell and bond yields spiked on nervousness about inflation on Thursday, while the yen's slide past 160-per-dollar had currency traders bracing for Japan to step in and steady it. MKTS/GLOB DATA/EVENTS (GMT) 0900 EU Consumer Confid. Final June 1230 US Durable Goods May 1230 US GDP Final Q1 1230 US Initial Jobless Clm Weekly ($1 = 4.7160 ringgit) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ cpo https://tmsnrt.rs/4cCOTWx ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Mei Mei Chu;) (([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 ))