VEGOILS-Palm falls on poor demand from India

(Updates midday prices and adds trader's comment) KUALA LUMPUR, Jan 6 (Reuters) - Malaysian palm oil futures fell on Monday, weighed down by sluggish demand from key destination market, India. The benchmark palm oil contract FCPOc3 for March delivery on the Bursa Malaysia Derivatives Exchange shed 30 ringgit, or 0.69%, to 4,338 ringgit ($961.86) a metric ton at the midday break. The contract rose 0.81% in the previous session. "At the midday break, the weakness seen in the palm market is due to export concerns," a Kuala Lumpur-based trader said. Exports of Malaysian palm oil products for December fell between 2.5% and 7.8%, according to cargo surveyor Intertek Testing Services and independent inspection company AmSpec Agri Malaysia. 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 last Friday. Dalian's most-active soyoil contract DBYcv1 fell 1.17%, while its palm oil contract DCPcv1 added 0.99%. Soyoil prices on the Chicago Board of Trade BOcv1 climbed 0.28%. 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 0.29% against the dollar, making the commodity cheaper for buyers holding foreign currencies. 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 ($1 = 4.5100 ringgit) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ tech https://tmsnrt.rs/4gJ4Cpi ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Ashley Tang; Editing by Sherry Jacob-Phillips and Mrigank Dhaniwala) (([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 ))