VEGOILS-Palm falls on weaker Dalian soyoil, lower crude prices

KUALA LUMPUR, Nov 28 (Reuters) - Malaysian palm oil futures snapped a three-day rally on Thursday, tracking weakness in Dalian soyoil and lower crude prices. The benchmark palm oil contract FCPOc3 for February delivery on the Bursa Malaysia Derivatives Exchange slid 34 ringgit, or 0.71%, to 4,764 ringgit ($1,072.97) a metric ton in early trade. FUNDAMENTALS * Dalian's most-active soyoil contract DBYcv1 fell 0.07%, while its palm oil contract DCPcv1 added 0.76%. The Chicago Board of Trade was closed for Thanksgiving holiday. * Palm oil tracks price movements of rival edible oils, as they compete for a share of the global vegetable oils market. * Oil prices edged lower in Asian trading, after a surprise jump in U.S. gasoline stocks ahead of the nation's Thanksgiving holiday sparked worry over demand in the top consumer of the motor fuel. O/R * Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. * The ringgit MYR= , palm's currency of trade, remained unchanged against the dollar. * Palm oil may retrace into a range of 4,679 ringgit to 4,731 ringgit per metric ton, as it faces resistance at 4,868 ringgit, Reuters technical analyst Wang Tao said. TECH/C MARKET NEWS * Asian shares were subdued and the dollar was on the defensive after U.S. data showed progress in slowing inflation had stalled even as the economy remained resilient, raising doubt over the path the Federal Reserve could take next year. MKTS/GLOB DATA/EVENTS 1000 EU Consumer Confid. Final Nov 1300 Germany CPI Prelim YY Nov 1300 Germany HICP Prelim YY Nov ($1 = 4.4400 ringgit) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ cpo https://tmsnrt.rs/4eQyu1a ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Ashley Tang; 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 ))