VEGOILS-Palm tracks Dalian palm oil lower
JAKARTA, July 10 (Reuters) - Malaysian palm oil futures slipped on Thursday, snapping three sessions of gains, as weakness in Dalian palm oil and a strong ringgit weighed on the contract.
The benchmark palm oil contract FCPOc3 for September delivery on the Bursa Malaysia Derivatives Exchange lost 15 ringgit, or 0.36%, to 4,142 ringgit ($975.74) a metric ton by 0239 GMT.
FUNDAMENTALS
* Dalian's most-active soyoil contract DBYcv1 barely changed, up 0.05%, while its palm oil contract DCPcv1 lost 0.35%. Soyoil prices on the Chicago Board of Trade BOc2 rose 0.9%.
* Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market.
* Oil prices dropped on Thursday as the latest tariff announcements by U.S. President Donald Trump were perceived by market participants to threaten global economic growth and demand for the resource.O/R
* Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.
* The ringgit MYR=, palm's currency of trade, strengthened 0.07% against the dollar, making the commodity more expensive for buyers holding foreign currencies.
MARKET NEWS
* Asian stocks rose slightly on Thursday, riding on optimism from Nvidia's brief rise to a world-record $4 trillion valuation and as investors largely shrugged off U.S. President Donald Trump's latest tariff salvos.MKTS/GLOB
DATA/EVENTS (GMT)
0600 Germany HICP Final YY June
0900 Germany, France, UK Overall Comprehensive Risk Q3
1230 US Initial Jobless Clm 5 July, w/e
1430 US EIA-Nat Gas Chg Bcf 4 July, w/e
1430 US Nat Gas-EIA Implied Flow 4 July, w/e
($1 = 4.2450 ringgit)
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