VEGOILS-Palm extends fall for fourth day on cheaper rivals, lower exports
SINGAPORE, Sept 2 (Reuters) - Malaysian palm oil futures fell for the fourth straight session on Thursday, tracking weakness in rival Chicago and Dalian oils and weighed down by lower export data for August, while a weaker ringgit limited losses.
The benchmark palm oil contract FCPOc3 for November delivery on the Bursa Malaysia Derivatives Exchange declined 0.1% to 4,172 ringgit ($1,004.33) a tonne in early trade.
"It's because of external markets and exports," a Kuala Lumpur-based trader told Reuters.
The Chicago Board of Trade's soybean oil contract BOcv1 fell 1% due to concerns about export delays from the United States.
Palm DCPv1 and soybean oil DBYv1 prices on the Dalian Commodity Exchange declined 1.4% and 0.9%, respectively.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
Lower exports in August weighed on prices, which fell 17.8% compared to the prior month, data from cargo surveyor Societe Generale de Surveillance showed on Wednesday. nAPN07V1MZ
Limiting the losses, however, was a weaker ringgit, which last fell 0.1% after rising for eight consecutive sessions.
Palm oil FCPOc3 may break a support at 4,155 ringgit and fall into a range of 4,000 ringgit to 4,096 ringgit per tonne, Reuters analyst Wang Tao said. TECH/C
* Asian share markets were in a cautious mood on Thursday as concerns grew over the Chinese economy after a run of soft data, while the risk of a subpar U.S. payrolls report kept the dollar on the defensive. MKTS/GLOB
0130 Australia Trade Balance G&S July
1230 US International Trade July
1230 US Initial Jobless Clm Weekly
1400 US Factory Orders MM July
($1 = 4.1540 ringgit)
(Reporting by Fathin Ungku; Editing by Subhranshu Sahu and Shounak Dasgupta)
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