VEGOILS-Palm reverses losses to rise ahead of official data release

By Emily Chow

* Palm charts strongest daily gains in 2 weeks * Market down 1.4% for the week in second weekly fall * Malaysian Aug. palm data scheduled for release on Sept. 10 (Updates with closing prices, quote) By Emily Chow KUALA LUMPUR, Sept 6 (Reuters) - Malaysian palm oil futures pared most of early losses and rose on Friday ahead of a government data release, as polls forecast inventory levels in August falling to an over one-year low. The market was down in earlier trade weighed by weakness in overnight soyoil on the U.S. Chicago Board of Trade (CBOT) and a stronger ringgit, which typically makes the edible oil more expensive for holders of foreign currencies. The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange was last up 1% at 2,203 ringgit per tonne in the evening, its strongest daily gains since Aug. 22. It earlier rose as much as 1.6% to 2,216 ringgit, but is down 1.4% for the week in a second weekly decline. "The market rose mainly on the polls," said a Kuala Lumpur- based trader, referring to a Reuters poll as well as industry analysts forecasts of Malaysia's palm oil data for the month of August. Malaysian industry regulator, Malaysian Palm Oil Board, is scheduled to announce August data for inventory, production and export levels on Sept. 10 after 0430 GMT. A Reuters poll forecast that Malaysia's palm stockpiles would fall for a sixth consecutive month in August, down 7.1% to 2.22 million tonnes. Meanwhile, exports are seen rising 14.5% from July to 1.70 million tonnes and output is forecast at 1.77 million tonnes, up 1.8%. In other related oils, U.S. soyoil futures on the CBOT fell 1.3% on Thursday, but was last up 0.2% on Friday. U.S. soybean futures fell more than 1% on Thursday on concerns about burdensome supplies and weak export demand as the U.S.-China trade war drags on, analysts said. Meanwhile, the September soyoil contract on the Dalian exchange was up 0.3% and the Dalian January palm oil contract slightly fell 0.1%. Palm oil prices are affected by movements in related oils, as they compete for a share in the global vegetable oils market. Palm, soy and crude oil prices at 1015 GMT Contract Month Last Change Low High Volume MY PALM OIL SEP9 2117 +27.00 2117 2117 17 MY PALM OIL OCT9 2169 +27.00 2123 2175 1943 MY PALM OIL NOV9 2203 +21.00 2163 2216 18132 CHINA PALM OLEIN JAN0 4794 -4.00 4710 4812 763970 CHINA SOYOIL SEP9 6046 +16.00 6010 6226 52 CBOT SOY OIL OCT9 28.52 +0.06 28.46 28.56 925 INDIA PALM OIL SEP9 557.70 +0.90 555.00 559.1 1105 INDIA SOYOIL SEP9 748.2 -1.20 747.55 750.8 5660 NYMEX CRUDE OCT9 55.83 -0.47 55.82 56.52 103358 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 (Reporting by Emily Chow; editing by Rashmi Aich and Sriraj Kalluvila)