* Malaysia Aug stocks up 0.1 pct at 1.67 mln T -MPOB
* Malaysia Sept. 1-10 palm exports up 10.8 pct -ITS
* Palm oil targets 2,323 ringgit -technicals
By Chew Yee Kiat
SINGAPORE, Sept 10 (Reuters) - Malaysian palm oil futures fell to their
lowest in more than two weeks on Tuesday, tracking losses in the U.S. soy market
ahead of the next U.S. Department of Agriculture production forecast.
Soybeans have lost almost 1.5 percent so far this week, weighing on
palm oil, a close substitute for soybean oil.
Palm investors were also cautious in the morning session ahead of August
stocks data. The Malaysian Palm Oil Board (MPOB) numbers came after the midday
break and showed a 0.1 percent increase from a month earlier.
The reported end-stocks level, at 1.67 million tonnes, was below earlier
expectations for a 4 percent rise to 1.73 million tonnes, but failed to lift the
"Palm oil is down mostly on external markets today, for instance look at
Dalian soybean oil. There is still uncertainty regarding the U.S. dry weather
impact on soy, and globally we are also looking at the situation in Syria," said
a trader with a foreign commodities brokerage in Kuala Lumpur.
The benchmark November contract on the Bursa Malaysia Derivatives
Exchange lost 2.1 percent to close at 2,348 ringgit ($717) per tonne, slightly
above its intraday low at 2,346 ringgit, a level last seen on Aug. 23.
Total traded volume stood at 34,291 lots of 25 tonnes each, a touch lower
than the average 35,000 lots.
Technicals showed palm oil may drop to 2,323 ringgit per tonne after a
moderate rebound to 2,385 ringgit, according to Reuters market analyst Wang Tao.
Malaysian palm oil exports for Sept. 1-10 rose 10.8 percent to 462,671
tonnes, from 417,414 tonnes during Aug. 1-10, cargo surveyor Intertek Testing
Services said after the midday break.
Traders said while the exports figures were encouraging, a recovery in the
ringgit, that makes the feedstock more expensive to overseas buyers, probably
kept some investors on the sidelines. The Malaysian currency has
recovered almost 1.6 percent against the greenback this week.
In other markets, global oil prices fell to about $113 a barrel on Tuesday
after a Russian proposal to avert a U.S. strike on Syria appeared to gather
steam, easing investor concerns that another Middle East conflict would further
disrupt fuel supplies.
In vegetable oil markets, the U.S. soyoil contract for December was
almost flat in late Asian trade. The most-active January soybean oil contract
on the Dalian Commodities Exchange lost 1.6 percent.
Palm, soy and crude oil prices at 1006 GMT
Contract Month Last Change Low High Volume
MY PALM OIL SEP3 2340 -61.00 2340 2369 61
MY PALM OIL OCT3 2355 -47.00 2349 2381 881
MY PALM OIL NOV3 2348 -51.00 2346 2383 17161
CHINA PALM OLEIN JAN4 5494 -154.00 5454 5578 701638
CHINA SOYOIL JAN4 7192 -118.00 7154 7244 951020
CBOT SOY OIL DEC3 43.19 +0.02 43.00 43.55 7693
NYMEX CRUDE OCT3 108.47 -1.04 108.20 108.95 21148
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
Crude in U.S. dollars per barrel
($1=3.275 Malaysian ringgit)
(Editing by Joseph Radford and Prateek Chatterjee)