Palm set to snap 7-day rally on weaker crude oil and stronger ringgit
KUALA LUMPUR, Sept 27 (Reuters) -Malaysian palm oil futures opened lower on Friday after a seven-session rally, as pressure from weaker crude oil prices and a strengthening ringgit outweighed support from stronger Dalian oils.
The benchmark palm oil contract FCPOc3 for December delivery on the Bursa Malaysia Derivatives Exchange fell 25 ringgit, or 0.6%, to 4,127 ringgit ($1,000.24) a metric ton in early trade.
FUNDAMENTALS
* Oil prices fell for a third day, on course to end the week lower, as investors focused on expectations of higher supplies from Libya and the broader OPEC+ group of oil exporters. O/R
* Brent crude futures LCOc1 for November were down 0.45% at $71.28 a barrel, as of 0245 GMT. Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.
* The ringgit MYR=, palm's currency of trade, strengthened 0.29% against the dollar, making the commodity more expensive for buyers holding foreign currencies.
* Dalian's most-active soyoil contract DBYcv1 rose 0.1%, while its palm oil contract DCPcv1 added 1.06%. Soyoil prices on the Chicago Board of Trade BOcv1 were down 0.37%.
* Palm oil tracks price movements in rival edible oils, as they compete for a share of the global vegetable oils market.
* Palm oil may test support at 4,120 ringgit per metric ton, a break below which could open the way towards 4,067 ringgit to 4,093 ringgit range, Reuters technical analyst Wang Tao said. TECH/C
MARKET NEWS
* Chinese stocks are headed for the best week since 2008 as Beijing rolled out a huge stimulus package to revive the economy, lifting Asian shares to 2-1/2-year highs, while a sharp fall in oil prices bodes well for disinflation globally. MKTS/GLOB
DATA/EVENTS
0500 Japan Leading Indicator Revised July
0645 France CPI (EU Norm) Prelim YY Sept
0645 France CPI (EU Norm) Prelim MM Sept
0645 France CPI Prelim YY NSA Sept
0645 France CPI Prelim MM NSA Sept
0745 France Producer Prices YY Aug
0755 Germany Unemployment Chg SA Sept
0755 Germany Unemployment Rate SA Sept
0900 EU Consumer Confid. Final Sept
1230 US Consumption, Adjusted MM Aug
1230 US Core PCE Price Index MM Aug
1230 US Core PCE Price Index YY Aug
1230 US PCE Price Index MM Aug
1230 US PCE Price Index YY Aug
1400 US U Mich Sentiment Final Sept
($1 = 4.1260 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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