VEGOILS-Palm opens lower on weaker Dalian oils and stronger ringgit

KUALA LUMPUR, Oct 9 (Reuters) - Malaysian palm oil futures fell slightly on Wednesday, weighed by weaker Dalian edible oils and a stronger ringgit, although gains in crude oil and Chicago soyoil capped the decline. The benchmark palm oil contract FCPOc3 for December delivery on the Bursa Malaysia Derivatives Exchange fell 4 ringgit, or 0.09%, to 4,267 ringgit ($997.43) a metric ton by 0239 GMT. The contract dropped 1.22% in overnight trade. FUNDAMENTALS * Dalian's most-active soyoil contract DBYcv1 fell 0.77%, while its palm oil contract DCPcv1 lost 1.6%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.86%. * Palm oil tracks price movements of rival edible oils, as they compete for a share of the global vegetable oils market. * The ringgit MYR= , palm's currency of trade, strengthened 0.12% against the dollar, making the commodity more expensive for buyers holding foreign currencies. * Oil prices steadied in Asian trading, as traders weighed uncertainty surrounding developments in the Middle East conflict against continued bearish fundamentals. O/R * Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. * Implementation of higher biodiesel mandates in Indonesia, the world's biggest palm oil producer, is likely to tighten supplies of the vegetable oil, a leading industry analyst said. * Companies that have paid to source agricultural produce that complies with the European Union's anti-deforestation law would lose out if the EU decides to delay implementing the legislation by a year, industry groups and traders said. * Palm oil may extend loss into a range of 4,119 ringgit to 4,152 ringgit per metric ton, as an uptrend from the Sept. 30 low of 3,987 ringgit has reversed, Reuters technical analyst Wang Tao said. TECH/C MARKET NEWS * Chinese shares fell on Wednesday and commodities nursed sharp losses as investors tempered enthusiasm for a Chinese economic recovery, while broader markets steadied on expectations that the U.S. economy can avoid recession and support global demand. MKTS/GLOB DATA/EVENTS No major data/events expected for Wednesday. ($1 = 4.2780 ringgit) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ cpo h https://tmsnrt.rs/3NmTFN2 ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Ashley Tang; Editing by Subhranshu Sahu) (([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 ))