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Palm oil set for second weekly loss on poor demand, weak rivals



<html xmlns="http://www.w3.org/1999/xhtml"><head><title>VEGOILS-Palm oil set for second weekly loss on poor demand, weak rivals</title></head><body>

KUALA LUMPUR, Dec 1 (Reuters) -Malaysian palm oil futures fell on Friday to their lowest since October, on course for a second week of losses as they tracked weaker rivals and faced a lack of fresh orders from importers.

The benchmark palm oil contract FCPOc3 for February delivery on the Bursa Malaysia Derivatives Exchange slid 51 ringgit, or 1.31%, to 3,844 ringgit ($823.13) during early trade, its lowest daily level since Nov. 24.

The contract has declined 1.44% so far this week. It recorded a 5.87% rise for November, reversing a two-month decline.

FUNDAMENTALS

* Exports of Malaysian palm oil products in November were estimated to be up between 2% and 11% from the previous month, data from surveyors Intertek Testing Services and AmSpec Agri Malaysia showed on Thursday.

* Analysts say a lack of fresh buying from key destinations due to higher stocks and weakness in demand is weighing on prices.

* Dalian's most-active soyoil contract DBYcv1 fell 1.51%, while its palm oil contract DCPcv1 was down 1.7%. Soyoil prices on the Chicago Board of Trade BOcv1 were down 0.88%,extending a two-day decline.

* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

* Oil prices fell in early Asian trade on Friday, extending losses after OPEC+ producers agreed to voluntary oil output cuts for the first quarter next year that fell short of market expectations. O/R

* Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.

* The Malaysian ringgit MYR=, palm's currency of trade, weakened 0.28% against the dollar. A weaker ringgit makes palm oil more attractive for foreign currency holders.

* Palm oil may extend its bounce into a range of 3,935-3,953 ringgit per metric ton, driven by a wave c, Reuters technical analyst Wang Tao said. TECH/C


MARKET NEWS

* Asian sharemarkets started the last month of the year on a cautious note after recent strong gains, though growing expectations Europe and the U.S. are poised to cut rates should help ease pressure on local currencies and central banks. MKTS/GLOB

DATA/EVENTS

0700 UK Nationwide house price Nov

0850 France S&P Global Mfg PMI Nov

0855 Germany HCOB Mfg PMI Nov

0900 Euro Zone HCOB Mfg Final PMI Nov

0930 UK S&P Global/CIPS Mfg PMI Nov

1445 US S&P Global Mfg PMI Nov

1500 US ISM Mfg PMI Nov

1600 US Federal Reserve Chair Jerome Powell

participates in a fireside chat at

Spelman College




($1 = 4.6700 ringgit)



Reporting by Danial Azhar; Editing by Sonia Cheema

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
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