11/08/04, KUALA LUMPUR (Dow Jones)--Asian cash palm oil prices weremixed Wednesday, with the Malaysian market hovering between unchanged tomarginally higher amid slow trading as participants were mostly on thesidelines ahead of key supply and demand figures.Products in Malaysia were steady, tracking slight gains in the futuresmarket.At 0829 GMT, the benchmark October CPO futures contract on the BursaMalaysia Derivatives was at 1,422 ringgit ($1=MYR3.8) a metric ton, upMYR5 from Tuesday.CPO futures were lifted by some short covering on the nearby Augustcontract ahead of the contract's expiry Friday.Slightly higher soyoil futures in electronic trading also providedsome support, traders said.Traders said participants were cautious, awaiting official monthlycrop reports on palm oil and soybeans. The government-run Malaysian PalmOil Board is scheduled to issue midday Thursday official July supply anddemand figures for palm oil.Also Thursday, the U.S. Department of Agriculture is expected to issuesupply and demand data for soybeans."The market hasn't changed much at all. There was nothing new in the(Palmis) figures. People are just waiting now for MPOB," a trader said.In a prelude to the MPOB's report, private surveyor Palmis ManagementBhd. issued midday its own estimates for July.Palmis pegged Malaysia's CPO production in July at 1.230 million tons,up from the 1.17 million tons produced in June, traders said.According to traders who obtained the data, Palmis estimated July palmoil exports at 1.055 million tons, up from 886,376 tons in June.Palmis estimated end-July stocks at 1.315 million tons, up from 1.21million tons at end-June.Traders said the figures had little impact on prices as there were nomajor changes from a report issued a week ago.In the near term, palm oil prices are likely to remain steady on thehopes of strong exports in August.Tuesday, Cargo surveyors SGS (Malaysia) Bhd. and Intertek TestingServices issued estimates showing disappointing growth in palm oil exportsin the first 10 days of August.However, market players weren't concerned."Many (people) believe that second-half shipments are going to begood," a trader said.Meanwhile, there was talk of a possible reduction in import duties inIndia. The Indian government is likely to cut import duties on crude oil,petroleum products, steel and agricultural commodities such as sugar andedible oils, India's Economic Times reported, quoting sources.The move is believed to be part of measures the government is liningup to curb inflation. The report didn't provide further details.Traders said a cut in edible oil import duties, if true, would pavethe way for India to buy more palm oil in the coming months.In the cash market, CPO for August shipment was offered at 1,500ringgit ($1=MYR3.8) a metric ton, up MYR10 from Tuesday, delivered basisin South Malaysia.RBD palm olein for August shipment was offered at $425.00/ton, up $2.5from Tuesday. Other months were unchanged.RBD palm oil for August shipment was at $415.00/ton, up $2.5. Othermonths were unchanged.In Indonesia, RBD palm olein in Jakarta was offered at 4,275 rupiah($1=IDR9,230), down IDR25 from Tuesday.CPO in Medan was offered at IDR3,730/kg. Tuesday, the government sold2,500 tons of CPO at a semiweekly auction at prices of as high asIDR3,702/kg.