VEGOILS-Palm opens lower on weak rival oils, crude oil prices

KUALA LUMPUR, Sept 30 (Reuters) – Malaysian palm oil futures opened lower for a third straight session on Tuesday, weighed down by weaker rival edible oils and crude oil prices, but the market was on track for a quarterly gain. The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange slid 11 ringgit, or 0.25%, to 4,374 ringgit ($1,038.22) a metric ton in early trade. FUNDAMENTALS * Dalian's most-active soyoil contract fell 0.66%, while its palm oil contract shed 0.58%. Soyoil prices on the Chicago Board of Trade were down 0.34%. * Palm oil tracks the price movements of rival edible oils, as it competes for a share of the global vegetable oils market. * Oil prices fell as another anticipated production increase by OPEC+ and the resumption of oil exports from Iraq's Kurdistan region via Turkey reinforced the outlook for a looming supply surplus. * Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. * Cargo surveyors are expected to release their September export estimates later in the day. * The ringgit, palm's currency of trade, weakened 0.02% against the dollar, making the commodity slightly cheaper for buyers holding foreign currencies. * Malaysia's palm oil stocks are expected to decline in the coming months, ending the year at around 1.7 million metric tons, as a seasonal slowdown in production coincides with rising exports to meet festive season demand, the Malaysian Palm Oil Board said. * Palm oil may retest support at 4,366 ringgit per metric ton, a break below which could open the way toward 4,309 ringgit to 4,342 ringgit range, Reuters technical analyst Wang Tao said. MARKET NEWS * Shares in Asia edged higher and gold continued its record climb on Tuesday as markets weighed prospects for a U.S. government shutdown that would delay closely watched jobs figures. DATA/EVENTS 0600 UK GDP QQ, YY Q2 0645 France CPI (EU Norm) Prelim MM, YY Sep 0645 France CPI Prelim MM, YY NSA Sep 0645 France Producer Prices YY Aug 0755 Germany Unemployment Chg SA Sep 0755 Germany Unemployment Rate SA Sep 1200 Germany CPI Prelim YY Sep 1200 Germany HICP Prelim YY Sep 1400 US Consumer Confidence Sep ($1 = 4.2130 ringgit) (Reporting by Ashley Tang; Editing by Eileen Soreng)

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