VEGOILS-Palm tracks rival Dalian, Chicago oils lower

By Dewi Kurniawati JAKARTA, April 9 (Reuters) - Malaysian palm oil futures opened lower on Wednesday, erasing last session's gains, weighed down by rival edible oils in the Dalian and Chicago markets. The benchmark June palm oil contract FCPOc3 on the Bursa Malaysia Derivatives Exchange fell 45 ringgit, or 1.07%, to 4,143 ringgit ($920.67) a metric ton in early trade. FUNDAMENTALS * Dalian's most-active soyoil contract DBYcv1 fell 1.1%, while its palm oil contract DCPcv1 slipped 1.55%. Soyoil prices on the Chicago Board of Trade (CBOT) BOcv1 lost 0.89%. * Palm oil tracks price movements of rival edible oils as it competes for a share of the global vegetable oils market. * Indonesia will adjust its crude palm oil export tax to reduce the burden of U.S. tariffs on exporters, Finance Minister Sri Mulyani Indrawati said on Tuesday. * Oil prices dropped to a more than four-year low in early trade on looming demand concerns fuelled by an escalating tariff war between the U.S. and China, the world's two biggest economies, and a firmer supply outlook. O/R * Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. * The ringgit MYR= , palm's currency of trade, weakened 0.25% against the U.S. dollar, making the commodity cheaper for buyers holding foreign currencies. MARKET NEWS * Stocks in Asia extended a slide on Wall Street on Wednesday as U.S. President Donald Trump looked set to press ahead with whopping 104% tariffs on Chinese goods, pummelling oil prices to four-year lows as global recession fears gripped financial markets. MKTS/GLOB DATA/EVENTS No major data/events expected. ($1 = 4.5000 ringgit) (Reporting by Dewi Kurniawati; Editing by Sumana Nandy) ((Dewi.Kurniawati@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 ))