VEGOILS-Palm extends losses tracking weaker soyoil, crude oil prices

(Updates for market close) KUALA LUMPUR, April 7 (Reuters) - Malaysian palm oil futures fell to a 10-week low on Monday, pressured by weaker soyoil and crude oil prices, as China's retaliatory tariffs on U.S. goods raised fears of a global trade war. The benchmark palm oil contract FCPOc3 for June delivery on the Bursa Malaysia Derivatives Exchange slid 146 ringgit, or 3.37%, to close at 4,182 ringgit ($934.32) a metric ton. The contract touched a low of 4,163 ringgit, its lowest level since January 24, earlier in the session. It has declined 6.84% over three consecutive sessions. Crude palm oil futures traded lower, tracking a sharp decline in Chicago soyoil and falling energy prices, as China's announcement of 34% retaliatory tariffs on U.S. goods triggered a collapse in equity and commodity markets, said Anilkumar Bagani, commodity research head at Mumbai-based vegetable oils brokerage Sunvin Group. OPEC's decision to raise crude oil production, combined with U.S. President Donald Trump's imposition of tariffs, have negatively impacted crude oil prices, creating bearish macroeconomic conditions, Bagani said. Dalian's most-active soyoil contract DBYcv1 fell 3.82%, while its palm oil contract DCPcv1 shed 5.39%. Soyoil prices on the Chicago Board of Trade BOcv1 were down 2.18%. 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, falling nearly 4%, as escalating trade tensions between the United States and China stoked fears of a recession that would reduce demand for crude, while OPEC+ readies a supply increase. O/R Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. Malaysian plantation stocks fell sharply, too, with major palm oil companies recording significant losses. TH Plantations Berhad led the decline, tumbling 9.73%, followed by FGV Holdings Berhad and Sarawak Oil Palms with a 6.48% and 5.69% drop, respectively. The ringgit MYR= , palm's currency of trade, weakened 0.95% against the dollar, making the commodity cheaper for buyers holding foreign currencies. ($1 = 4.4760 ringgit) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ cpo https://tmsnrt.rs/42302xw ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Ashley Tang; Editing by Sherry Jacob-Phillips and Eileen Soreng) ((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 ))