VEGOILS-Palm opens higher on stronger Dalian palm olein, Chicago soyoil

KUALA LUMPUR, Jan 6 (Reuters) - Malaysian palm oil futures opened higher on Monday for a second consecutive session, supported by stronger Dalian palm olein and Chicago soyoil. The benchmark palm oil contract FCPOc3 for March delivery on the Bursa Malaysia Derivatives Exchange gained 41 ringgit, or 0.94%, to 4,409 ringgit ($980.00) a metric ton in early trade. FUNDAMENTALS * Dalian's most-active soyoil contract DBYcv1 fell 0.96%, while its palm oil contract DCPcv1 added 1.67%. Soyoil prices on the Chicago Board of Trade BOcv1 climbed 0.63%. * Palm oil tracks price movements of rival edible oils, as they compete for a share of the global vegetable oils market. * Oil prices hovered at their highest levels since October as investors eyed the impact on global fuel demand from colder weather in the Northern Hemisphere and Beijing's economic stimulus measures. O/R * Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. * The ringgit MYR= , palm's currency of trade, weakened 0.07% against the dollar, making the commodity cheaper for buyers holding foreign currencies. * Indonesia's energy and mineral resources minister signed a decree last Friday allocating 15.6 million kilolitres of biodiesel for 2025 distribution, while giving the industry until the end of next month to adapt to the higher level of the fuel in the mix. * India's palm oil imports in December plunged to their lowest in nine months as a rally in prices to a 2-1/2-year high prompted refiners to increase purchases of substitute soyoil that was available at a discount, five dealers said. * Palm oil may test resistance zone of 4,423 ringgit to 4,460 ringgit per metric ton, as it has stabilized around key support at 4,263 ringgit, Reuters technical analyst Wang Tao said. TECH/C MARKET NEWS * Asian share markets got off to a wary start ahead of a week brimming with economic news that should underline the relative outperformance of the United States and support the dollar's ongoing bull run. MKTS/GLOB DATA/EVENTS 0850 France HCOB - Services PMI, HCOB Composite PMI Dec 0855 Germany HCOB Services PMI, HCOB Composite Final PMI Dec 0900 EU HCOB Services Final PMI, HCOB - Composite Final PMI Dec 0930 UK S&P Global PMI: Composite - Output Dec 0930 UK Reserve Assets Total Dec 1300 Germany CPI Prelim YY, HICP Prelim YY Dec 1445 US S&P Global Comp Final PMI, Global Svcs PMI Final Dec 1500 US Factory Orders MM Dec ($1 = 4.4990 ringgit) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ tech https://tmsnrt.rs/4gJ4Cpi ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Ashley Tang; 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 ))