Malaysian palm oil futures rose for the second straight session on Monday, buoyed by stronger rival Dalian edible oils, though weaker crude oil prices capped the gains.
The benchmark palm oil contract 
FCPO1! for November delivery on the Bursa Malaysia Derivatives Exchange gained 51 ringgit, or 1.13%, to 4,562 ringgit ($1,080.27) a metric ton in early trade.
FUNDAMENTALS
* Dalian’s most-active soyoil contract (DBYcv1) rose 0.73%, while its palm oil contract CPO1! added 2.42%. Soyoil prices on the Chicago Board of Trade 
ZL1! were down 0.38%.
* Palm oil tracks price movements of rival edible oils, as they compete for a share of the global vegetable oils market.
* Oil prices slipped as the U.S. did not exert more pressure on Russia to end the Ukraine war by implementing further measures to disrupt Russian oil exports after the presidents from both countries met on Friday. O/R
* Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.
* The ringgit 
USDMYR, palm’s currency of trade, weakened 0.29% against the dollar, making the commodity cheaper for buyers holding foreign currencies.
* Cargo surveyors estimated that August 1-15 palm oil exports rose between 16.5% and 21.3%.
* Indonesia will launch a broader crackdown on the illegal exploitation of natural resources after a survey found that palm plantations on 3.7 million hectares were operating in violation of the law, President Prabowo Subianto said.
* Palm oil may test resistance at 4,509 ringgit per metric ton, a break above which could lead to a gain to into 4,563 ringgit to 4,596 ringgit range, Reuters technical analyst Wang Tao said. TECH/C
Thomson Reuterscpo
MARKET NEWS
* Share markets edged higher in Asia ahead of what is likely to be an eventful week for U.S. interest rate policy, while oil prices slipped as risks to Russian supplies seemed to fade a little. MKTS/GLOB
DATA/EVENTS
0430 Japan Tertiary Ind Act NSA June
0900 EU Total Trade Balance SA June
($1 = 4.2230 ringgit)