VEGOILS-Palm opens lower on weaker rival oils, crude oil prices

KUALA LUMPUR, April 7 (Reuters) - Malaysian palm oil futures opened lower on Monday for a third consecutive session, pressured by weaker rival edible oils and lower crude oil prices, as concerns over a global trade war raised fears of a recession and slower economic growth. The benchmark palm oil contract FCPOc3 for June delivery on the Bursa Malaysia Derivatives Exchange slid 49 ringgit, or 1.13%, to 4,279 ringgit ($957.91) a metric ton in early trade. FUNDAMENTALS * Dalian's most-active soyoil contract DBYcv1 fell 2.74%, while its palm oil contract DCPcv1 shed 4.2%. Soyoil prices on the Chicago Board of Trade BOcv1 were down 0.89%. * Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. * Oil prices slid more than 3%, deepening losses from last week, as escalating trade tensions between the United States and China stoked fears of a recession that would reduce demand for crude. O/R * Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. * The ringgit MYR= , palm's currency of trade, weakened 0.79% against the dollar, making the commodity cheaper for buyers holding foreign currencies. * Malaysia's palm oil stocks in March likely rose for the first time in six months as production recovered, a Reuters survey showed, although global demand remains sluggish amid economic worries after U.S. President Donald Trump's tariff announcement. * Palm oil may revisit its March 26 low of 4,230 ringgit per metric ton, as suggested by its wave pattern, Reuters technical analyst Wang Tao said. TECH/C MARKET NEWS * Major stock indexes plunged in Asia as White House officials showed no sign of backing away from their sweeping tariff plans, and investors wagered the mounting risk of recession could see U.S. interest rates cut as early as May. MKTS/GLOB DATA/EVENTS 0600 Germany Industrial Output MM, Industrial Production YY SA February 0600 UK Halifax House Prices MM, YY March ($1 = 4.4670 ringgit) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ cpo https://tmsnrt.rs/42302xw ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Ashley Tang; Editing by Sherry Jacob-Phillips) ((ashley.tang@thomsonreuters.com;)) ((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 ))