VEGOILS-Palm oil ends lower on profit taking, losses in Dalian contracts

(Updates with closing prices) By Dewi Kurniawati JAKARTA, Sept 2 (Reuters) - Malaysian palm oil futures extended losses and ended lower on Monday as investors booked profits, while losses in the Dalian market added to the decline. The benchmark palm oil contract FCPOc3 for November delivery on the Bursa Malaysia Derivatives Exchange was down 44 ringgit, or 1.11%, at 3,933 ringgit ($903.10) a metric ton. "The benchmark is having a correction from profit taking after the recent rally and tracking a decline in Dalian palm oil," a Kuala Lumpur-based trader said. Dalian's most-active soyoil contract DBYcv1 fell 1.24%, while its palm oil contract DCPcv1 dropped 1.76%. 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 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 moving cautiously as key importer India is mulling an increase in import taxes on vegetable oils, which could hit demand for palm oil. The Malaysian ringgit MYR= , palm's currency of trade, weakened 0.74% against the dollar. A weaker ringgit makes palm oil more attractive for foreign currency holders. Meanwhile, oil prices extended losses on Monday on expectations of higher OPEC+ production from October, while signs of sluggish demand in China and the United States raised concerns about future consumption growth. O/R Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. ($1 = 4.3550 ringgit) (Reporting by Dewi Kurniawati; Editing by Mrigank Dhaniwala, Sumana Nandy and Sonia Cheema) (([email protected])) ((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 ))