Palm oil opens low tracking Dalian; U.S. soy oil market closed
By Dewi Kurniawati
JAKARTA, Sept 2 (Reuters) -Malaysian palm oil futures dropped on Monday, tracking contracts at the Dalian market, while the U.S. soy oil market is closed for a holiday.
The benchmark palm oil contract FCPOc3 for November delivery on the Bursa Malaysia Derivatives Exchange was down 62 ringgit, or 1.56%, to 3,915 ringgit ($903.11) a metric ton as of 0231 GMT.
FUNDAMENTALS
* Dalian's most-active soyoil contract DBYcv1 fell 0.85%, while its palm oil contract DCPcv1 was down 1.6%. The Chicago Board of Trade BOcv1 is closed for a holiday.
* Palm oil tracks price movements in related oils as they compete for a share in the global vegetable oils market.
* Malaysia's August palm oil exports are seen at 1,376,412 metric tons, according to Amspec Agri.
* Exports of Malaysian palm oil products for August fell 9.9% to 1,445,442 metric tons from 1,604,578 metric tons shipped during July, cargo surveyor Intertek Testing Services said on Saturday.
* Indonesia raised its crude palm oil (CPO) reference price for September to $839.53 per metric ton from $820.11 in August, a trade ministry regulation showed on Friday.
* Traders are also trading cautiously as key importer India is mulling an increase to import tax on vegetable oils, which could hit demand for palm oil.
* The Malaysian ringgit MYR=, palm's currency of trade, weakened 0.39% against the dollar. A weaker ringgit makes palm oil more attractive for foreign currency holders.
* Oil prices extended losses on Monday with investors weighing higher OPEC+ production from October against a sharp drop in output from Libya amid sluggish demand in China and the U.S., the world's two biggest oil consumers. O/R
* Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.
* Palm oil FCPOc3 may test resistance at 4,023 ringgit per metric ton, a break above could open the way towards 4,122 ringgit, according to Reuters' technical analyst Wang Tao.
MARKET NEWS
* Asian share markets got off to a quiet start on Monday as investors braced for a data-packed week culminating in a U.S. jobs report that could decide whether a rate cut expected this month will be regular or super-sized. MKTS/GLOB
DATA/EVENTS (GMT)
0130 Japan JibunBK Mfg PMI Final August
0145 China Caixin Mfg PMI Final August
0750 France HCOB Manufacturing PMI August
0755 Germany HCOB Mfg PMI August
0800 EU HCOB Mfg Final PMI August
0830 UK S&P Global Manufacturing PMI August
($1 = 4.3350 ringgit)
Reporting by Dewi Kurniawati; Editing by Mrigank Dhaniwala
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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