VEGOILS-Palm edges lower on weaker rival oils

(Updates for mid-session trading, adds trader's comment) KUALA LUMPUR, March 11 (Reuters) - Malaysian palm oil futures fell for a second straight session on Tuesday, weighed down by weaker rival edible oils amid concerns about the U.S. and Chinese tariff policies. The benchmark palm oil contract FCPOc3 for May delivery on the Bursa Malaysia Derivatives Exchange slid 59 ringgit, or 1.31%, to 4,440 ringgit ($1,002.71) a metric ton by the midday break. The market was down due to soybean oil's overnight fall and Dalian weakness, influenced mainly by U.S and China tariffs as well as weaker crude oil prices, said David Ng, a proprietary trader at Kuala Lumpur-based trading firm Iceberg X Sdn Bhd. Dalian's most-active soyoil contract DBYcv1 fell 1.72%, while its palm oil contract DCPcv1 shed 2.64%. Soyoil prices on the Chicago Board of Trade BOcv1 were down 0.09%. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Oil prices fell for a second day on concerns that U.S. tariffs on Canada, Mexico and China would slow economies around the world and hurt energy demand while OPEC+ ramps up its supply. O/R Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. The ringgit MYR= , palm's currency of trade, weakened 0.16% against the dollar, making the commodity cheaper for buyers holding foreign currencies. Cargo surveyors estimated that exports of Malaysian palm oil products during March 1-10 fell between 25.8% and 38.3%, compared with the same period a month earlier. Indonesian prosecutors handed over more than 221,000 hectares (546,000 acres) of illegal palm oil plantations seized as part of an ongoing corruption probe to a new state-owned company that will manage them. Palm oil may fall towards 4,360 ringgit per ton, as it failed to break resistance at 4,642 ringgit, Reuters technical analyst Wang Tao said. TECH/C ($1 = 4.4280 ringgit) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ cpo https://tmsnrt.rs/4iGbggz ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Ashley Tang; Editing by Sherry Jacob-Phillips and Subhranshu Sahu) (([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 ))