VEGOILS-Palm opens more than 2% lower on weaker rival edible oils

KUALA LUMPUR, Jan 9 (Reuters) - Malaysian palm oil futures opened more than 2% lower on Thursday, tracking weaker rival edible oils. The benchmark palm oil contract FCPOc3 for March delivery on the Bursa Malaysia Derivatives Exchange slid 102 ringgit, or 2.34%, to 4,252 ringgit ($944.26) a metric ton in early trade. The contract lost 0.25% in the previous session. FUNDAMENTALS * Dalian's most-active soyoil contract DBYcv1 fell 1.11%, while its palm oil contract DCPcv1 lost 2.86%. Soyoil prices on the Chicago Board of Trade BOcv1 were down 1.2%. * Palm oil tracks price movements of rival edible oils as it competes for a share of the global vegetable oils market. * Oil prices extended losses from the previous day, pressured by large builds in U.S. fuel inventories last week, though concerns over tighter supplies from OPEC members and Russia capped the decline. O/R * Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. * The ringgit MYR= , palm's currency of trade, weakened 0.07% against the dollar, making the commodity slightly cheaper for buyers holding foreign currencies. * Indonesia has clamped down on exports of used cooking oil and palm oil residue to ensure supply to domestic cooking oil and biodiesel industries, the government said on Wednesday. * Cargo surveyors are scheduled to release export data for Jan. 1-10 on Friday. * The Malaysia Palm Oil Board is expected to release its supply-demand data for December on Friday. MARKET NEWS * The global bond rout that has pressured equities and boosted the safe-haven U.S. dollar showed signs of slowing on Thursday, even as Japanese yields edged to new multi-year highs. MKTS/GLOB DATA/EVENTS 0700 Germany Industrial Output MM Nov 0700 Germany Industrial Production YY SA Nov 1000 Germany Overall Comprehensive Risk Q1 1000 France Overall Comprehensive Risk Q1 1000 UK Overall Comprehensive Risk Q1 ($1 = 4.5030 ringgit) (Reporting by Ashley Tang; Editing by Savio D'Souza) (([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 ))