VEGOILS-Palm oil falls on Dalian's weakness

JAKARTA, Oct 22 (Reuters) – Malaysian palm oil futures opened lower for the third straight session on Wednesday as the market was weighed down by weaker vegetable oils prices at the Dalian market. The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange lost 36 ringgit, or 0.8%, to 4,469 ringgit ($1,058.00) a metric ton in early trade. FUNDAMENTALS * Dalian's most-active soyoil contract lost 1.27%, while its palm oil contract shed 1.16%. Soyoil prices on the Chicago Board of Trade were up 0.02%. * Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. * The Malaysian Palm Oil Council said on Tuesday that crude palm oil prices will hold steady above 4,400 ringgit ($1,042) per metric ton heading into 2026, amid uncertain palm and soybean oil exports. * According to cargo surveyor Intertek Testing Services, exports of Malaysian palm oil products for October 1-20 rose 3.4% compared to the September 1-20 period, while independent inspection company AmSpec Agri Malaysia said it rose 2.5%. * Indonesia's biodiesel consumption from January to September stood at 10.57 million kilolitres, its energy minister Bahlil Lahadalia said on Wednesday, up nearly 10% from 9.61 million kilolitres a year earlier. * Oil prices pushed higher for a second day on Wednesday, buoyed by sanctions-related supply risks, hopes of a U.S.-China trade deal and news that the U.S. is seeking oil for delivery to its strategic reserve. * Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. * The ringgit, palm's currency of trade, traded flat against the dollar. A weaker ringgit would make the commodity less expensive for buyers holding foreign currencies. * Palm oil FCPOc3 may break support at 4,484 ringgit per metric ton, and fall towards 4,456 ringgit, Reuters technical analyst Wang Tao said. MARKET NEWS * Global shares slipped on Wednesday and gold pulled back sharply from a blistering rally, as stretched valuations came under scrutiny and investors booked profits. DATA/EVENTS 0600 UK CPI, Core CPI YY Sep 0600 UK CPI Services MM, YY Sep ($1 = 4.2240 ringgit) (Reporting by Dewi Kurniawati; Editing by Ronojoy Mazumdar)

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