VEGOILS-Palm oil falls on weak rival vegetable oils

JAKARTA, Nov 13 (Reuters) - Malaysian palm oil futures declined for a second session on Wednesday, dragged down by the weakness in prices of rival vegetable oils in Dalian and Chicago. The benchmark palm oil contract FCPOc3 for January delivery on the Bursa Malaysia Derivatives Exchange lost 158 ringgit, or 3.14%, to 4,868 ringgit ($1,095.66) a metric ton as of 0234 GMT. FUNDAMENTALS * Dalian's most-active soyoil contract DBYcv1 plunged 3.82%, while its palm oil contract DCPcv1 tumbled 4.12%. Soyoil prices on the Chicago Board of Trade BOc2 were down 1.45%. * Palm oil tracks price movements of rival edible oils as it competes for a share in the global vegetable oils market. * Chicago soybean futures took a sharp dive on Tuesday as traders worried that U.S. President-elect Donald Trump's nominee for the head of the U.S. Environmental Protection Agency would take a less-than-friendly view of the biofuel industry, analysts said. GRA * Exports of Malaysian palm oil products in the Nov. 1-10 period are seen falling between 14.6% and 15.8%, compared with the same period a month ago, according to surveyors AmSpec Agri Malaysia and Intertek Testing Services (ITS). * Malaysia's palm oil inventory shrank the most in seven months in October as exports surged, production fell and domestic consumption increased, the country's industry regulator said on Monday. * Oil prices held near a two-week low on Tuesday after dropping about 5% over the past two sessions as investors absorbed OPEC's latest downward revision for demand growth, a stronger U.S. dollar and disappointment over China's latest stimulus plan. O/R * Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. * Palm oil FCPOc3 may break support at 5,017 ringgit and fall into the 4,882-4,947 ringgit range. The current correction is expected to consist of three waves, according to Reuters' market analyst for commodities and energy technicals Wang Tao. TECH/C MARKET NEWS * A gauge of global stocks declined on Tuesday after advancing for five straight sessions, while the U.S. dollar hit its highest in over six months as investors weigh the impact of U.S. President-elect Donald Trump's likely path of policies. MKTS/GLOB DATA/EVENTS 0700 Germany HICP Final YY Oct 0700 UK Claimant Count Unem Chng Oct 0700 UK ILO Unemployment Rate Sept 0700 UK HMRC Payrolls Change Oct 1000 Germany ZEW Economic Sentiment Nov 1000 Germany ZEW Current Conditions Nov ($1 = 4.4430 ringgit) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ cpo https://tmsnrt.rs/48NCLRY ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Bernadette Christina; Editing by Sumana Nandy) (([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 ))