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VEGOILS-Palm oil ends lower with export information in focus

Malaysian palm oil futures shed earlier gains and closed lower on Thursday, as traders braced for Malaysia's export data due later on this week.

The benchmark palm oil agreement for August delivery on the Bursa Malaysia Derivatives Exchange dropped 51 ringgit, or 1.32%, at 3,804 ringgit ($ 812.65) a metric lot on the closing.

The futures is trading on the back of moderate rival oils performance while mindful about impending increase in production and lower export in the coming days, a Kuala Lumpur-based trader said.

Dalian's most-active soyoil agreement increased 1.06%,. while its palm oil contract got 0.24%. Soyoil costs. on the Chicago Board of Trade fell 0.02%.

Palm oil is impacted by cost motions in associated oils as. they compete for a share in the worldwide vegetable oils market.

Malaysia has kept its June export tax for unrefined palm. oil at 8% and decreased its referral cost to 3,956.06 ringgit. ($ 845.13) per metric heap for June, compared with May's which was. at 4,273.93 ringgit a load, a circular on the Malaysian Palm Oil. Board website revealed on Thursday.

Exports of Malaysian palm oil items for May 1-15 fell. 17.6% to 574,760 metric loads from 697,449 tons shipped during. April 1-15, independent examination company AmSpec Agri Malaysia. stated on Wednesday.

According to cargo property surveyor Intertek Testing Providers,. exports of Malaysian palm oil items for May 1-15 fell 5.2% to. 600,777 metric loads from 633,680 metric loads shipped during the. exact same duration in April.

Freight property surveyor Societe Generale de Surveillance (SGS). price quotes exports of Malaysian palm oil products for May 1-15 at. 426,947 metric lots, according to LSEG.

The U.S. soybean crush plunged in April to a seven-month. low, missing out on all trade estimates, while soyoil stocks. suddenly declined for the first time in 6 months,. according to National Oilseed Processors Association (NOPA) information. released on Wednesday.

Oil costs extended gains from the previous session on. Thursday on indications of stronger demand in the U.S. where information. showed slower inflation than markets anticipated, reinforcing the. argument for an interest rate cut which could drive even higher. usage.

Stronger petroleum futures make palm a more attractive. choice for biodiesel feedstock.