Reuters (03/04/2018) -   * Palm touches one-month top of 2,465 rgt/T hit on Monday

                                       * Market could trade in a range pending new leads - trader

    KUALA LUMPUR, April 3 (Reuters) - Malaysian palm oil futuresslipped in early trade on Tuesday on technical correction after two straight sessions of sharp gains.

    The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange was down 0.1 percent at 2,456 ringgit ($635.61) a tonne at the midday break. Earlier in the session, it rose to a one-month top of 2,465 ringgit hit on Monday.

    Trading volumes stood at 13,071 lots of 25 tonnes each at the midday break on Tuesday.

    Palm added over 2 percent in the previous two sessions, tracking gains in soyoil and on strong export demand.

    "Palm prices are taking a breather following yesterday's surge," said a futures trader from Kuala Lumpur.

    The market could trade in a range as traders are expecting both good exports and output in March, said another trader.

"Palm should trade along 2,400 ringgit-2,500 ringgit until new leads emerge," he added.   

    Malaysian palm oil exports in March rose 19 percent-21 percent on a monthly basis, according to data from inspection company AmSpec Agri Malaysia and cargo surveyor Societe Generale de Surveillance.

    Demand in early April is also forecast to be strong due to Ramadan, the Muslim holy month during which sees devotees break day long fasts with communal feasting. This increases the usage of palm oil for cooking purposes.

    Output in March is expected to rise due to the higher numberof working days and in line with seasonal trend. The Malaysia Palm Oil Board is set to release March data on April 10.

    In related oils, the Chicago Board of Trade's May soybean oil contract rose 0.25 percent and the May soybean oil on China's Dalian Commodity Exchange was up 0.3 percent.

    The Dalian May palm oil contract rose 0.5 percent. Palm oil prices are impacted by movements in rival edible oils as they compete in the global vegetable oils market.

    Palm, soy and crude oil prices as of 0525 GMT 

 Contract                    Month    Last    Change   Low    High   Volume

 MY PALM OIL              APR8      2426    -4.00      2420    2426      85

 MY PALM OIL              MAY8     2457    -4.00      2454    2467     744

 MY PALM OIL              JUN8      2456    -2.00      2452     2465    5154

 CHINA PALM OLEIN  SEP8       5126   +28.00     5092    5134   194720

 CHINA SOYOIL          SEP8       5894   +22.00     5862     5906   301208

 CBOT SOY OIL           MAY8      32.12    +0.08     32.01    32.15    2142

 INDIA PALM OIL         APR8      653.80   +0.70    652.40   654.7     128

 INDIA SOYOIL            APR8       783.5    +1.50      782.5     784      1680

 NYMEX CRUDE         MAY8     63.08    +0.07      62.86    63.28   28649

  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 = 3.8640 ringgit)

($1 = 65.0600 Indian rupees)

($1 = 6.2873 Chinese yuan)

 (Reporting by Emily Chow; Editing by Subhranshu Sahu)

Read more at https://in.reuters.com/article/asia-vegoils/vegoils-palm-slips-after-two-sessions-of-strong-gains-idINL4N1RG2H8