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VEGOILS-Palm oil falls for fourth session on weak rivals, poor exports

KUALA LUMPUR, April 26 (Reuters) - Malaysian palm oil futures eased for a fourth consecutive session on Wednesday, trading near a nine-day low hit in the previous session, weighed by weak exports and rival oil prices.

The benchmark palm oil contract FCPOc3 for July delivery on the Bursa Malaysia Derivatives Exchange slid 22 ringgit, or 0.61%, to 3,613 ringgit ($810.27) during early trade.

FUNDAMENTALS
Export shipments from Malaysia during April 1-25 fell 18.4% from a month earlier, independent inspection firm AmSpec Agri Malaysia reported on Tuesday. Another cargo surveyor, Intertek Testing Services, said exports declined by 14%.

Dalian's most-active soyoil contract DBYcv1 gained 0.3%, while its palm oil contract DCPcv1 rose 0.11%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.5%.

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

"The palm market has tracked erosions in the broader commodity market, such as the palm olein futures on the China Dalian Commodity Exchange and crude oil prices, following concerns that looming U.S. Federal Reserve interest rate hikes could dampen global demand," Refinitiv Agriculture Research said late Tuesday.

Palm oil yields have improved following a slowdown in rainfall but production upside is expected to be capped by fewer working days with the Eid al-Fitr festivities, Refinitiv said.

Palm oil may break a support at 3,565 ringgit per tonne and fall to 3,504 ringgit, Reuters technical analyst Wang Tao said. TECH/C

MARKET NEWS
U.S. stock futures bounced as buybacks and earnings beats boosted tech giants in after-hours trade, although Asian shares wallowed at one-month lows on Wednesday, with investors turning nervous on the outlook for the world's two biggest economies.
By: via Malaysian Palm Oil Council Russia