Palm oil opens lower, extending losses from last week
By Mayank Bhardwaj
NEW DELHI, Sept 9 (Reuters) -Malaysian palm oil futures opened down on Monday, extending losses from the previous session, as the market awaits the Malaysian Palm Oil Board's widely-watched data on output and inventories.
The benchmark palm oil contract FCPOc3 for November delivery on the Bursa Malaysia Derivatives Exchange was down 40 ringgit, or 1.03%, to 3,858 ringgit ($887.92) a metric ton in the early trade.
FUNDAMENTALS
* The Malaysian Palm Oil Board (MPOB) is scheduled to release its monthly palm oil data on Tuesday, Sept. 10.
* Malaysia's palm oil inventories are expected to have climbed to a six-month high at end-August due to lacklustre export demand, a Reuters survey showed.
* Malaysia's August palm oil exports are seen at 1,376,412 tons, according to Amspec Agri.
* Indonesia, the biggest palm oil exporter, plans to lower export duties to improve competitiveness and raise farmers' income.
* Exports of Malaysian palm oil products fell 9.9% to 1,445,442 tons in August from 1,604,578 tons in July, cargo surveyor Intertek Testing Services said.
* Oil futures jumped by a dollar in early trading on Monday as a potential hurricane system approached the U.S. Gulf Coast, and as markets recovered from a selloff following weaker-than-expected U.S. jobs data on Friday. O/R
* Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.
* Palm oil FCPOc may retest support at 3,886 ringgit per ton, a break below which could trigger a fall to 3,856 ringgit, Reuters technical analyst Wang Tao said. TECH/C
MARKET NEWS
* Asian share markets slid after worries about a possible U.S. economic downturn slugged Wall Street, though U.S. stock futures did rally from an early dip and bond yields came off their lows. MKTS/GLOB
($1 = 4.3450 ringgit)
Reporting by Mayank Bhardwaj; Editing by Rashmi Aich
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