Palm falls as weaker Chicago soyoil, crude prices weigh
KUALA LUMPUR, Oct 7 (Reuters) -Malaysian palm oil futures dropped more than 1% on Monday, as traders assessed a drop in Chicago soyoil and crude oil prices.
The benchmark palm oil contract FCPOc3 for December delivery on the Bursa Malaysia Derivatives Exchange fell 45 ringgit, or 1.05%, to 4,255 ringgit ($997.66) a metric ton during early trade.
FUNDAMENTALS
* Soyoil prices on the Chicago Board of Trade BOcv1 were down 1.32%. Dalian's vegetable oil markets were closed for China's Golden Week holiday.
* Chicago corn and soybean futures lost more ground, as a stronger dollar and expectations of record U.S. supplies continued to provide headwinds to prices.
* Palm oil tracks price movements of rival edible oils, as they compete for a share of the global vegetable oils market.
* Oil prices pared gains in early trade after charting their biggest weekly rise in over a year on Friday amid mounting threats of a region-wide war in the Middle East. O/R
* Brent crude futures LCOc1 for December were down 0.41% at $77.73 a barrel, as of 0236 GMT. Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.
* The ringgit MYR=, palm's currency of trade, weakened 1.21% against the dollar, making the commodity cheaper for buyers holding foreign currencies.
* Palm oil may extend gains to 4,432 ringgit per metric ton, as it has broken key resistance at 4,293 ringgit, Reuters technical analyst Wang Tao said. TECH/C
MARKET NEWS
* Asian stocks rallied and the dollar reached a fresh seven-week peak on the yen after blowout U.S. labour data dispelled fears of a recession and spurred a sharp paring of rate-cut bets. MKTS/GLOB
DATA/EVENTS
0600 Germany Industrial Orders MM Aug
0600 Germany Manufacturing O/P Cur Price SA Aug
0600 Germany Consumer Goods SA Aug
0600 UK Halifax House Prices MM Sept
0600 UK Halifax House Prices YY Sept
0745 France Reserve Assets Total Sept
US Overall Comprehensive Risk Q4
Germany Overall Comprehensive Risk Q4
France Overall Comprehensive Risk Q4
UK Overall Comprehensive Risk Q4
($1 = 4.2650 ringgit)
Reporting by Ashley Tang; Editing by Sherry Jacob-Phillips
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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