VEGOILS-Palm charts first monthly gain since January

By Emily Chow

* Market ends around seven-week high as demand supports * Palm oil to peak in 2,076-2,083 rgt/T range -technicals * Leading industry analysts forecast second-half price recovery (Adds closing prices, quote) By Emily Chow KUALA LUMPUR, July 31 (Reuters) - Malaysian palm oil futures charted their first monthly gain since January at the close of trade on Wednesday, ending around a seven-week high on support from export data released by cargo surveyors. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange was up 0.4% at 2,070 ringgit ($501.82) a tonne at the end of the trading day, its sixth gain in seven sessions. It earlier rose to a seven-week peak of 2,075 ringgit, which was also its intraday high on Monday. Markets were closed on Tuesday for a public holiday. July Palm oil prices were up 6.1% on the month after five consecutive months of losses. Palm oil could be peaking in a range of 2,076-2,083 ringgit a tonne, as suggested by a Fibonacci ratio analysis, said Wang Tao, a Reuters market analyst for commodities and energy technicals. "The market is up on better export numbers," said one Kuala Lumpur based trader, referring to shipment data from cargo surveyors on Wednesday. Malaysian palm oil exports in July rose between 1.6% and 5.1% from the previous month, according to data from cargo surveyors Amspec Agri Malaysia, Societe Generale de Surveillance and Intertek Testing Services on Wednesday. Price forecasts from an industry event in Mumbai on Tuesday also lent support. Two leading industry analysts said prices would climb in the second half of the year. Dorab Mistry forecast prices to rise to 2,200 ringgit a tonne by September, while Thomas Mielke said prices are likely to recover because of a slowdown in production growth and rising demand from the biodiesel industry. In related oils, U.S. soyoil futures on the Chicago Board of Trade (CBOT) were last down 0.3% on Wednesday. The September soyoil contract on the Dalian exchange fell 0.4% and the Dalian September palm oil contract eased by 0.1%. Palm oil prices are affected by movements in related oils that compete in the global vegetable oils market. Palm, soy and crude oil prices at 1115 GMT Contract Month Last Change Low High Volume MY PALM OIL AUG9 2019 +11.00 2000 2019 61 MY PALM OIL SEP9 2037 +14.00 2023 2040 8838 MY PALM OIL OCT9 2068 +9.00 2056 2075 21226 CHINA PALM OLEIN SEP9 4358 -2.00 4338 4378 212900 CHINA SOYOIL SEP9 5554 -22.00 5538 5588 224548 CBOT SOY OIL SEP9 28.35 -0.09 28.31 28.51 1916 INDIA PALM OIL JUL9 509.20 +0.60 508.80 509.4 718 INDIA SOYOIL AUG9 738.5 +0.65 737.85 740 2960 NYMEX CRUDE SEP9 58.45 +0.40 57.97 58.57 100911 Palm oil prices in Malaysian ringgit per tonne CBOT soy oil in U.S. cents per pound Dalian soy oil and RBD palm olein in Chinese yuan per tonne India soy oil in Indian rupee per 10 kg Crude in U.S. dollars per barrel ($1 = 4.1250 ringgit) ($1 = 68.7834 Indian rupees) ($1 = 6.8815 Chinese yuan) (Reporting by A. Ananthalakshmi and Emily Chow Editing by Subhranshu Sahu And David Goodman)