VEGOILS-Palm slides on profit-taking following bearish MPOB data

(Updates with closing prices and trader's comments) KUALA LUMPUR, Oct 10 (Reuters) - Malaysian palm oil futures reversed early gains on Thursday as profit-taking weighed on the market following the release of the Malaysia Palm Oil Board's (MPOB) demand and supply data. The benchmark palm oil contract FCPOc3 for December delivery on the Bursa Malaysia Derivatives Exchange fell 17 ringgit, or 0.4%, to 4,235 ringgit ($987.64) a metric ton at the close. The contract rose to about 0.78% in the afternoon but has fallen 2.49% for three consecutive sessions. Malaysian palm oil futures retreated on profit-taking following the release of the MPOB data, which the market interpreted as mildly bearish, said Paramalingam Supramaniam, director at Selangor-based brokerage Pelindung Bestari. "The factors influencing palm prices moving forward will be Malaysia's October production, the direction of competing oils, and weather uncertainties in South America," he said. MPOB released its supply-demand data for September during the midday break. It stated that Malaysia's palm oil stocks at the end of September rose 6.93% from the previous month, the highest level in eight months, while crude palm oil production was down 3.80%, and palm oil exports grew 0.93%. Dalian's most-active soyoil contract DBYcv1 rose 0.2%, while its palm oil contract DCPcv1 fell 0.23%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.09%. Palm oil tracks price movements in rival edible oils as they compete for a share of the global vegetable oils market. The ringgit MYR= , palm's currency of trade, weakened 0.19% against the dollar, making the commodity cheaper for buyers holding foreign currencies. Oil prices edged higher, underpinned by a spike in fuel demand as a major storm barrelled into Florida, with Middle East supply risks also in focus. O/R Brent crude futures LCOc1 for December were up 1.55% at $77.77 a barrel as of 1045 GMT. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. ($1 = 4.2880 ringgit) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ cpo https://tmsnrt.rs/3Yg3cfj ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Ashley Tang; Editing by Subhranshu Sahu, Janane Venkatraman and Tasim Zahid) (([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 ))