VEGOILS-Palm tracks rival Chicago soyoil

By Dewi Kurniawati JAKARTA, Jan 15 (Reuters) - Malaysian palm oil futures opened lower on Wednesday, tracking losses in rival soyoil in the Chicago market. The benchmark palm oil contract FCPOc3 for March delivery on the Bursa Malaysia Derivatives Exchange lost 8 ringgit, or 0.18%, to 4,429 ringgit ($983.13) a metric ton by 0232 GMT. FUNDAMENTALS * Soyoil prices on the Chicago Board of Trade BOcv1 were down 0.43%. Dalian's most-active soyoil contract DBYcv1 rose 0.28%, while its palm oil contract DCPcv1 fell 0.64%. * Palm oil tracks price movements in rival edible oils as it competes for a share of the global vegetable oils market. * India's palm oil imports in December plunged 41% from a month earlier to a nine-month low as a rally in prices to a 2-1/2-year high prompted refiners to increase purchases of rival soyoil available at a discount, a leading trade body said. * Cargo surveyors estimated Malaysian palm oil exports to have fallen between 21.4% and 26.8% during the Jan. 1-10 period from a month earlier. * The Malaysian ringgit MYR= , palm's currency of trade, fell slightly against the U.S. dollar, making the commodity cheaper for buyers holding foreign currencies. * A bullish target of 4,646 ringgit per metric ton has been aborted for palm oil FCPOc3 as the market seems to have lost its momentum around resistance at 4,521 ringgit, according to Reuters' technical analyst Wang Tao. TECH/C MARKET NEWS * Oil prices were little changed on Wednesday, after falling the previous day, as a dip in U.S. crude stockpiles and expectations of supply disruptions from sanctions on Russian tankers lent support amid forecasts for lower global fuel demand. O/R * Global markets tread water on Wednesday ahead of U.S. consumer price data that could potentially lower the possibility for a rate cut this year, while investors waited to see if earnings of big banks would match sky-high expectations. MKTS/GLOB DATA/EVENTS 0700 UK Core CPI YY, CPI YY Dec 0700 UK CPI Services MM, CPI Services YY Dec 0745 France CPI (EU Norm) Final MM, CPI (EU Norm) Final YY Dec 0745 France CPI YY NSA, CPI MM NSA Dec 1100 EU Reserve Assets Total Dec 1330 US Core CPI MM, SA Dec 1330 US Core CPI YY, NSA Dec 1330 US CPI MM, SA Dec 1330 US CPI YY, NSA Dec 1330 US CPI Wage Earner Dec ($1 = 4.5050 ringgit) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ cpo https://tmsnrt.rs/42dVXXt ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Dewi Kurniawati; Editing by Sonia Cheema) (([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 ))