Palm oil drops on rival soyoil, low Ramadan demand

Malaysian palm oil futures opened lower on Monday due to lower demand as the Islamic fasting month of Ramadan began and rival soyoil at Dalian market weighed on the market.The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange lost 61 ringgit, or 1.34%, to 4,493 ringgit ($1,007.17) per metric ton in early trade.FUNDAMENTALS* Dalian's most-active soyoil contract (DBYcv1) shed 0.23%, while its palm oil contract lost 0.24%. Soyoil prices on the Chicago Board of Trade (CBOT) gained 0.75%.* Palm oil is affected by price movements in related oils as it competes for a share in the global vegetable oils market.* Malaysian palm oil products exports in February are estimated to fall 8.5%-11%, according to independent inspection company AmSpec Agri Malaysia and cargo surveyor Intertek Testing Services.* Meanwhile, Indonesia has lowered its crude palm oil reference price to $954.50 per ton in March, a trade ministry official said on Friday, but export tax will remain at $124 a ton.* Palm oil may retest support at 4,473 ringgit per metric ton, as a wave c from 4,624 ringgit looks incomplete, Reuters technical analyst Wang Tao said. MARKET NEWS* Oil rose 1% on Monday as upbeat manufacturing data from China, the world's biggest crude importer, led to renewed optimism for fuel demand, although uncertainty about global economic growth from potential U.S. tariffs loomed. * Asian share markets dithered as the threat of imminent tariffs lurked in the background, while bitcoin surged on news it would be included in a new U.S. strategic reserve of cryptocurrencies.DATA/EVENTS (GMT)0030 Japan JibunBK Mfg PMI Final SA Feb0145 China Caixin Mfg PMI Final Feb0850 France HCOB Manufacturing PMI Feb0855 Germany HCOB Mfg PMI Feb0900 EU HCOB Mfg Final PMI Feb0930 UK S&P GLOBAL MANUFACTURING PMI Feb1000 EU HICP Flash YY, HICP-X F,E,A&T Flash YY, HICP-X F, E, A, T Flash MM Feb1445 US S&P Global Mfg PMI Final Feb1500 US ISM Manufacturing PMI Feb($1 = 4.4610 ringgit)