VEGOILS-Palm oil opens lower on weakness in rival vegetable oils, MPOB data eyed

By Dewi Kurniawati JAKARTA, Nov 11 (Reuters) - Malaysian palm oil futures opened lower on Monday, weighed down by rival vegetable oils at the Dalian and Chicago markets, while the market awaits for Malaysian Palm Oil Board (MPOB) monthly data later in the day. The benchmark palm oil contract FCPOc3 for January delivery on the Bursa Malaysia Derivatives Exchange lost 12 ringgit or 0.24%, to 5,089 ringgit ($1,157.12) a metric ton in early trade, snapping gains from previous three straight sessions. FUNDAMENTALS * Dalian's most-active soyoil contract DBYcv1 fell 0.32, while its palm oil contract DCPcv1 gained 1.8%. Soyoil prices on the Chicago Board of Trade BOcv1 were down 0.16%. * Palm oil tracks price movements of rival edible oils, as it competes for a share in the global vegetable oils market. * Malaysia's palm oil inventories are forecast to fall in October, a Reuters survey showed. * Malaysian benchmark palm oil futures has seen more than a 35% rise this year and is expected to trade above and around 5,000 ringgit ($1,141) per metric ton until June 2025, supported by tight supply and bullish demand. * Indonesia's plan to raise the mandatory palm oil content of biodiesel to 40% next year from 35% will require an additional feedstock supply of around 3 million tons, a senior Indonesia Palm Oil Association (GAPKI) official said. * The ringgit MYR= , palm's currency of trade, weakened 0.46% against the U.S. dollar, making the vegetable oil cheaper for buyers holding foreign currencies. * Oil prices extended declines on Monday as the threat of a supply disruption from a U.S. storm eased and after China's stimulus plan disappointed investors seeking fuel demand growth in the world's No. 2 oil consumer. O/R * Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. * Palm oil FCPOc3 may climb into a range of 5,244 ringgit to 5,314 ringgit, driven by a powerful wave 3, according to Reuters' market analyst for commodities and energy technicals Wang Tao. TECH/C DATA/EVENTS No major data/events expected for Monday, Nov 11 ($1 = 4.3980 ringgit) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ cpo https://tmsnrt.rs/48NCLRY ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Dewi Kurniawati; Editing by Rashmi Aich) (([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 ))