Malaysian palm oil futures opened lower on Monday, tracking lower edible oil prices at Dalian, while weaker crude also weighed on sentiment.
The benchmark palm oil contract 
FCPO1! for October delivery on the Bursa Malaysia Derivatives Exchange lost 2 ringgit, or 0.05%, to 4,253 ringgit ($1,004.49) a metric ton in early trade.
FUNDAMENTALS
* Dalian’s most-active soyoil contract (DBYcv1) traded flat, while its palm oil contract CPO1! lost 0.4%. Soyoil prices on the Chicago Board of Trade 
ZL1! were up 0.11%.
* Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market.
* Exports of Malaysian palm oil products for August 1-10 rose 23.3% to 482,576 metric tons from 391,355 metric tons shipped during July 1-10, cargo surveyor Intertek Testing Services said on Sunday.
* Oil prices fell in early Asian trading, extending declines of more than 4% last week on higher U.S. tariffs on its trading partners, an OPEC output hike, and expectations the U.S. and Russia were moving closer to a Ukraine ceasefire pact. O/R
* Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.
* The ringgit 
USDMYR, palm’s currency of trade, weakened 0.02% against the dollar, making the commodity slightly cheaper for buyers holding foreign currencies.
* Palm oil FCPO1! may retest resistance at 4,296 ringgit per metric ton, a break above could lead to a gain into the 4,313 ringgit to 4,333 ringgit range, Reuters technical analyst Wang Tao said. TECH/C
Thomson Reuterscpo
MARKET NEWS
* Major share indexes crept higher in Asia as upbeat company earnings underpinned high valuations in the tech sector, while a crucial report on U.S. inflation would likely set the course of the dollar and bonds. MKTS/GLOB
DATA/EVENTS
No data/events expected for Monday
($1 = 4.2340 ringgit)