VEGOILS-Palm drops more than 3% on weakness of Dalian palm olein

(Updates closing price) KUALA LUMPUR, Nov 18 (Reuters) - Malaysian palm oil futures fell more than 3% on Monday, weighed down by weakness in the Dalian palm olein. The benchmark palm oil contract FCPOc3 for February delivery on the Bursa Malaysia Derivatives Exchange slid 153 ringgit, or 3.03%, to 4,900 ringgit ($1,094.24) a metric ton at the close. The contract rose 2.5% in the previous session. The weakness seen in the palm market today stems from spread adjustments against Dalian's palm olein, a Kuala Lumpur-based trader said. Dalian's most-active soyoil contract DBYcv1 fell 2%, while its palm oil contract DCPcv1 lost 1.08%. Soyoil prices on the Chicago Board of Trade BOcv1 were down 1.46%. 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, weakened 0.22% against the dollar, making the commodity cheaper for buyers holding foreign currencies. Oil prices edged up after fighting between Russia and Ukraine intensified over the weekend, although concerns about fuel demand in China and forecasts of a global oil surplus weighed on markets. O/R Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. ($1 = 4.4780 ringgit) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ cpo https://tmsnrt.rs/4eyTjhJ ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Ashley Tang; Editing by Subhranshu Sahu, Mrigank Dhaniwala and Krishna Chandra Eluri) (([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 ))