Palm tracks weakness in soyoil at Chicago exchange
By Dewi Kurniawati
JAKARTA, Dec 12 (Reuters) -Malaysian palm oil futures opened low on Thursday, tracking weakness in rival soyoil at the Chicago Board of Trade (CBOT)exchange.
The benchmark palm oil contract FCPOc3 for February delivery on the Bursa Malaysia Derivatives Exchange lost 54 ringgit, or 1.11%, to 4,802 ringgit ($1,084.46) a metric ton during the morning trade.
FUNDAMENTALS
* Soyoil lost 1.15% at the Chicago Board of Trade BOcv1. Dalian's most-active soyoil contract DBYcv1 rose 0.18%, while its palm oil contract DCPcv1 fell 0.94%.
* Palm oil tracks price movements of rival edible oils as it competes for a share of the global vegetable oils market.
* Malaysia's palm oil stockpiles dropped for a second consecutive month in November, falling 2.6% from the prior month to 1.84 million tons, data from the Malaysian Palm Oil Board (MPOB) showed on Tuesday.
* Crude palm oil production declined 9.8% to its lowest level for the month in four years to 1.62 million tons, while palm oil exports plunged 14.7% to 1.49 million tons.
* Cargo surveyor Intertek Testing Services said on Tuesday that exports of Malaysian palm oil products for Dec. 1-10 rose 3.9%, while according to independent inspection company AmSpec Agri Malaysia it rose 1.1%.
* Palm oil FCPOc3 is expected to bounce to 4,961 ringgit per metric ton as it stabilized around support at 4,825 ringgit, Reuters technical analyst Wang Tao said. TECH/C
MARKET NEWS
* Oil prices were little changed in early Asian trade on Thursday as forecasts of weak demand and a higher-than-expected rise in U.S. gasoline and distillate inventories stemmed gains from an additional round of European Union sanctions that threatened Russian oil flows. O/R
* Asian stocks gained on Thursday, tracking Wall Street's tech-led rally overnight after an as-expected reading of U.S. consumer inflation cemented bets for a Federal Reserve interest-rate cut next week.
DATA/EVENTS (GMT)
1315 EU ECB Refinancing Rate Dec
1315 EU ECB Deposit Rate Dec
1330 US Initial Jobless Clm 7 Dec, w/e
1330 US PPI Machine Manuf'ing Nov
($1 = 4.4280 ringgit)
Reporting by Dewi Kurniawati; Editing by Janane Venkatraman
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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