Palm tracks rival vegetable oils lower
KUALA LUMPUR, Dec 16 (Reuters) -Malaysian palm oil futures opened lower on Monday, tracking weakness in rival vegetable oils and weighed down by downbeat cargo surveyor data.
The benchmark palm oil contract FCPOc3 for March delivery on the Bursa Malaysia Derivatives Exchange slid 36 ringgit, or 0.75%, to 4,780 ringgit ($1,072.23) a metric ton in early trade, extending losses to a second session.
FUNDAMENTALS
* Dalian's most-active soyoil contract DBYcv1 fell 0.66%, while its palm oil contract DCPcv1 shed 0.35%. Soyoil prices on the Chicago Board of Trade BOcv1 were down 0.4%.
* Palm oil tracks price movements of rival edible oils, as they compete for a share of the global vegetable oils market.
* Cargo surveyor Intertek Testing Services said on Sunday exports of Malaysian palm oil products for Dec. 1-15 fell 9.8% from a month earlier to 671,454 metric tons.
* Cargo surveyor AmSpec Agri Malaysia is expected to release its estimates for Malaysian palm oil exports during the Dec. 1-15 period later in the day.
* Oil futures eased from their highest levels in weeks as investors awaited a meeting of the Federal Reserve later this week for indication of further rate cuts. O/R
* Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.
* The ringgit MYR=, palm's currency of trade, fell 0.02% against the dollar, making the commodity cheaper for buyers holding foreign currencies.
MARKET NEWS
* Asian share markets were in a wary mood as surging bond yields challenged equity valuations, particularly for the richly priced tech sector, in a week packed with central bank meetings and major economic data. MKTS/GLOB
DATA/EVENTS
0430 Japan Tertiary Ind Act NSA Oct
0815 France HCOB Mfg Flash PMI, Services Flash PMI, Composite Flash PMI Dec
0830 Germany HCOB Mfg Flash PMI, Services Flash PMI, Composite Flash PMI Dec
0900 EU HCOB Mfg Flash PMI, Services Flash PMI, Composite Flash PMI Dec
0930 UK Flash Composite PMI, Flash Manufacturing PMI, Flash Services PMI Dec
1100 EU Reserve Assets Total Nov
1445 US S&P Global Mfg PMI Flash, Global Svcs PMI Flash, Global Comp Flash PMI Dec
UK House Price Rightmove MM, House Price Rightmove YY Dec
($1 = 4.4580 ringgit)
Reporting by Ashley Tang; Editing by Subhranshu Sahu
For a table on Malaysian physical palm oil prices, including refined oil, Reuters Terminal users can double click on or type OILS/MY01. * To view freight rates from Peninsula Malaysia/Sumatra to China, India, Pakistan and Rotterdam, please key in OILS/ASIA2 and press enter, or double click between the brackets. * Reuters Terminal users can see cash and futures edible oil prices by double clicking on the codes in the brackets: To go to the next page in the same chain, hit F12. To go back, hit F11. Vegetable oils OILS/ASIA1 Malaysian palm oil exports SGSPALM1 CBOT soyoil futures 0#BO: CBOT soybean futures 0#S: Indian solvent SOLVENT01 Dalian Commodity Exchange DC/MENU Dalian soyoil futures 0#DBY: Dalian refined palm oil futures 0#DCP: Zhengzhou rapeseed oil 0#COI: European edible oil prices/trades OILS/E
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