VEGOILS-Palm tracks rival vegetable oils lower

By Dewi Kurniawati JAKARTA, Dec 9 (Reuters) - Malaysian palm oil futures fell on Monday, following the decline in rival vegetable oil prices on the Dalian and Chicago exchanges, which pressured the market. The benchmark palm oil contract FCPOc3 for February delivery on the Bursa Malaysia Derivatives Exchange lost 6 ringgit, or 0.12%, to 5,122 ringgit ($1,158.04) a metric ton during the morning trade. FUNDAMENTALS * Dalian's most-active soyoil contract DBYcv1 dropped 0.74%, while its palm oil contract DCPcv1 slipped 0.14%. Soyoil fell 0.54% at the Chicago Board of Trade. * Palm oil tracks price movements of rival edible oils as it competes for a share of the global vegetable oils market. * A flood struck Malaysia last week after heavy rains in late November, and the country's meteorological department forecast a monsoon surge from Dec. 8 to 14, which could bring continuous rainfall to the east coast of Peninsular Malaysia and parts of Sabah and Sarawak on Borneo Island. * Malaysia's palm oil inventories are likely to have dropped in November for a second consecutive month as torrential rains disrupted production, a Reuters survey showed. * Palm oil FCPOc3 may break resistance at 5,162 ringgit per metric ton, and rise towards the 5,202 ringit to 5,242 ringgit range, driven by a wave 5, Reuters technical analyst Wang Tao said. TECH/C MARKET NEWS * Asian shares struggled with a slide in South Korea ahead of a packed week of central bank meetings that should see borrowing costs take a step lower, while U.S. inflation data are the last hurdle to a further policy easing there. MKTS/GLOB * Oil prices nudged higher as tensions in the Middle East following the overthrow of Syrian President Bashar al-Assad by rebels offset concerns over weak Chinese demand that was highlighted by Saudi Aramco's price cuts to Asian buyers. O/R DATA/EVENTS (GMT) 0130 China PPI YY Nov 0130 China CPI YY Nov ($1 = 4.4230 ringgit) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ tech https://tmsnrt.rs/4g7XsuK ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Dewi Kurniawati; Editing by Sherry Jacob-Phillips) (([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 ))