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KUALA LUMPUR, Aug 5 - Malaysian palm oil futuresrose for a third straight session on Thursday, lifted byforecasts showing tight supply, lower production in July andhopes of a rise in August exports.
The benchmark palm oil contract for Octoberdelivery on the Bursa Malaysia Derivatives Exchange gained 24ringgit, or 0.56%, to 4,315 ringgit ($1,022.27) a tonne duringearly trade, after rising 3.6% in the previous session.
* Malaysia's palm oil stockpile at the end of July likelyexpanded 1.6% to 1.64 million tonnes, its highest level in 10months, a Reuters survey showed on Thursday.
* Output is seen shrinking 4% to 1.54 million tonnes, whileexports are forecast to decline 4.2% to 1.36 million tonnes,according to the Reuters survey.
* The Malaysian Palm Oil Board will release the officialdata on August 11.
* Ahead of cargo surveyor data, traders pegged exportshipments during August 1-5 to jump 12.6% from the month before,after declining in July.
* Dalian's most-active soyoil contract rose 1.8%and its palm oil contract gained 1.6%. Soyoil prices onthe Chicago Board of Trade were down 0.4%.
* Palm oil is affected by price movements in related oils asthey compete for a share in the global vegetable oils market.
* Palm oil faces a resistance at 4,312 ringgit per tonne, itmay hover below this level or retreat towards 4,197 ringgit,Reuters technical analyst Wang Tao said.
* Asian shares held on to recent gains in morning trading onThursday, despite hawkish remarks from a senior official at theU.S. Federal Reserve, that boosted the dollar while weighing onrisk appetite, and uncertainty about Chinese policy.
0130 Australia Trade Balance G&S June
0600 Germany Industrial Orders MM June
1100 UK BOE Bank Rate Aug
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1230 US Initial Jobless Clm Weekly
($1 = 4.2220 ringgit)($1 = 4.2210 ringgit) REUTERS