VEGOILS-Palm posts weekly gain on supply woes, exports jump

(Updates prices) By Fransiska Nangoy JAKARTA, March 31 (Reuters) - Malaysian palm oil futures dropped on Friday after four days of gains as profit-booking and a stronger ringgit weighed on prices, although the benchmark contract post a weekly rise amid output concerns. The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange fell 0.79% to end at 3,758 ringgit ($852.15), erasing some of the 7.67% gains over the past four days. The contract posted a 7% gain for the week, but lost 9.27% for the month. Palm dropped on Friday on "weekend profit-taking, and external markets gradually easing, coupled with a firmer ringgit," a Kuala Lumpur-based trader said.

Higher exports cushioned the drop, the trader added. Exports of Malaysian palm oil products for March rose 32.0% from February, independent inspection company AmSpec Agri Malaysia said on Friday, while cargo surveyor Intertek Testing Services reported a 24% increase.

Meanwhile, Malaysia's palm oil output is expected to decline after a miller's association estimated a 22.9% decline in output from March 1-25, analysts said. Dalian's most-active soyoil contract was trading 0.92% higher, after gaining as much as 2.06% earlier in the session, while its palm oil contract rose 0.72%. Soyoil prices on the Chicago Board of Trade gained 0.42%. Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market. Malaysian ringgit gained 0.23% against the U.S. dollar on Friday. A stronger ringgit, in which the palm contract is traded, could make it more expensive for holders of dollar. Palm oil may extend gains to 3,853 ringgit per tonne, to complete a bounce from 3,500 ringgit, Reuters technical analyst Wang Tao said. ($1 = 4.4100 ringgit) (Reporting by Fransiska Nangoy; editing by Uttaresh Venkateshwaran and Krishna Chandra Eluri)

* To view freight rates from Peninsula Malaysia/Sumatra to China, India, Pakistan and Rotterdam, please key in 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 Malaysian palm oil exports CBOT soyoil futures CBOT soybean futures Indian solvent Dalian Commodity Exchange Dalian soyoil futures Dalian refined palm oil futures Zhengzhou rapeseed oil European edible oil prices/trades ))

Reuters

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VEGOILS-Palm posts weekly gain on supply woes, exports jump

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