VEGOILS-Palm rangebound as strong crude oil counters weak soyoil

KUALA LUMPUR, Oct 1 (Reuters) – Malaysian palm oil futures traded in a tight range on Wednesday, as stronger crude oil prices countered weakness in Chicago soyoil. The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange rose 9 ringgit, or 0.21%, to 4,361 ringgit ($1,036.61) a metric ton in early trade. The contract has fallen for three consecutive sessions. FUNDAMENTALS * Soyoil prices on the Chicago Board of Trade were down 0.51%. The Dalian Commodity Exchange will remain shut from October 1 to October 8 for holidays, and will resume trading on October 9. * Palm oil tracks the price movements of rival edible oils, as it competes for a share of the global vegetable oils market. * Oil prices steadied in early trade after two consecutive days of losses as investors weighed potential OPEC+ plans for a larger output hike next month against the prospect of shrinking inventories in the U.S. * Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. * The ringgit, palm's currency of trade, weakened 0.02% against the dollar, making the commodity slightly cheaper for buyers holding foreign currencies. * India has raised the base import prices of gold, silver and all vegetable oils, to reflect rising global market prices, the government said. * European Union soybean imports for the 2025/26 season that began in July reached 3.04 million metric tons by September 28, down 4% from the same period a year earlier, while palm oil imports fell 29% to 631,152 million tons, European Commission data showed. * Indonesia has set a crude palm oil reference price of $963.61 per metric ton for October, up from $954.71 per ton in September, Trade Ministry regulation showed. MARKET NEWS * Wall Street futures slipped on Wednesday as the clock ticked down to a U.S. government shutdown that would delay the release of crucial jobs data and muddy the interest rate outlook, while Asian markets hesitated after a solid quarter of gains. DATA/EVENTS 0600 UK Nationwide house price mm, yy Sep 0750 France HCOB Manufacturing PMI Sep 0755 Germany HCOB Mfg PMI Sep 0800 EU HCOB Mfg Final PMI Sep 0830 UK S&P GLOBAL MANUFACTURING PMI Sep 0900 EU HICP Flash YY Sep 0900 EU HICP-X,F,E,A,T Flash MM, YY Sep 1345 US S&P Global Mfg PMI Final Sep 1400 US ISM Manufacturing PMI Sep ($1 = 4.2070 ringgit) (Reporting by Ashley Tang; Editing by Eileen Soreng)

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