VEGOILS-Palm falls on profit-taking, weaker Chicago soyoil, crude oil

(Update with closing prices) JAKARTA, Oct 8 (Reuters) - Malaysian palm oil futures fell on Tuesday on profit-taking, while declines in Chicago soyoil and crude oil prices added further pressure to the benchmark contract. The benchmark palm oil contract FCPOc3 for December delivery on the Bursa Malaysia Derivatives Exchange was down 1.66% at 4,272 ringgit ($996.97) a metric ton at closing. "Crude palm oil futures are down on profit-taking on the back of lacklustre Dalian performance while waiting for a further lead," a Kuala Lumpur-based trader said, adding that the Dalian vegetable oils contract needs about 800 points to catch up to the benchmark. The benchmark palm oil contract had hit its highest closing in six months at 4,349 ringgit in the previous session and has gained nearly 7% so far in October. Dalian Commodity Exchange's soyoil contract DBYcv1 rose 0.81% while its palm oil contract DCPcv1 was up 2.51% as the market resumed trading after a week-long holiday break. Soyoil prices on the Chicago Board of Trade BOc2 dropped 2.2%. Oil World estimated that global palm oil production is expected to increase by 2.3 million metric tons in 2024/25 from the previous season, senior analyst David Mielke told an industry conference on Tuesday. Glenauk Economics estimated Malaysia's palm oil production is estimated to come in at 19.4 million tons in 2024, while output in the world's biggest exporter Indonesia was likely to be 1 million tons lower than the 54.84 million tons produced in 2023, Glenauk's managing director Julian McGill said at the same event. Palm oil tracks the price movements of rival edible oils, as they compete for a share of the global vegetable oils market. Crude oil prices fell on Tuesday as traders booked profits after prices rallied to their highest in over a month in the previous session amid fears that the Middle East could be on the brink of a region-wide war. O/R Brent crude futures LCOc1 for December were down 1.95% at $79.35 a barrel by 0807 GMT. Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. Palm oil may test resistance at 4,432 ringgit per metric ton, a break above which could open the way towards the range of 4,518 ringgit to 4,571 ringgit, said Reuters technical analyst Wang Tao. TECH/C ($1 = 4.2850 ringgit) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ tech https://tmsnrt.rs/4dzYpKe ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Bernadette Christina; Editing by Varun H K, Eileen Soreng and Mrigank Dhaniwala) (([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 ))