VEGOILS-Palm tracks weakness in rival oils, set for a weekly loss

By Dewi Kurniawati JAKARTA, Dec 13 (Reuters) - Malaysian palm oil futures opened low on Friday, tracking weakness in rival vegetable oils at Chicago and Dalian exchanges and were set to book a weekly loss. The benchmark palm oil contract FCPOc3 for February delivery on the Bursa Malaysia Derivatives Exchange lost 27 ringgit, or 0.55%, to 4,894 ringgit ($1,099.78) a metric ton during the morning trade. The contract has fallen 4.49% so far this week. FUNDAMENTALS * Soyoil lost 0.52% at the Chicago Board of Trade BOcv1 . Dalian's most-active soyoil contract DBYcv1 fell 1.1%, while its palm oil contract DCPcv1 gained 0.42%. * Palm oil tracks price movements of rival edible oils as it competes for a share of the global vegetable oils market. * India's palm oil imports in November fell 0.4% from October to 841,993 metric tons, the Solvent Extractors' Association of India said on Thursday. * Cargo surveyor Intertek Testing Services said on Tuesday that exports of Malaysian palm oil products for Dec. 1-10 rose 3.9%, while according to independent inspection company AmSpec Agri Malaysia it rose 1.1%. * Palm oil FCPOc3 is expected to test resistance at 4,961 ringgit per metric ton, a break above which could open the way towards 5,045 ringgit, Reuters technical analyst Wang Tao said. TECH/C MARKET NEWS * Oil prices inched lower on Friday as investors focused on a forecast of ample supply and shrugged off expectations of higher demand next year from Chinese stimulus measures, while eyeing another Federal Reserve interest rate cut next week. O/R * Asia shares fell on Friday as a strong dollar kept risk sentiment fragile, while longer-dated Treasury yields are heading for their biggest weekly rise this year as expectations for deep U.S. rate cuts in 2025 recede. MKTS/GLOB DATA/EVENTS (GMT) 0700 UK GDP Est 3M/3M Oct 0700 UK GDP Estimate MM Oct 0700 UK GDP Estimate YY Oct 0700 UK Services MM Oct 0700 UK Services YY Oct 0700 UK Manufacturing Output MM Oct 0745 France CPI (EU Norm) Final MM Nov 0745 France CPI (EU Norm) Final YY Nov 0745 France CPI YY NSA Nov 0745 France CPI MM NSA Nov 1330 US Import Prices YY Nov ($1 = 4.4500 ringgit) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ cpo https://tmsnrt.rs/3VBAcgo ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Dewi Kurniawati; Editing by Janane Venkatraman ) (([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 ))