KUALA LUMPUR, April 30 (Reuters) -Malaysian palm oil futures fell on Tuesday after gaining for two consecutive sessions, as weaker crude oil prices weighed ahead of cargo surveyors' exports estimates for the month.

The benchmark palm oil contract FCPOc3 for July delivery on the Bursa Malaysia Derivatives Exchange slid 79 ringgit, or 2.02%, to 3,836 ringgit ($804.19) during early trade.

The contract lost 0.69% in overnight trade.

FUNDAMENTALS

* Cargo surveyors are expected to release Malaysian palm oil exports estimates for April later on Tuesday.

* Oil edged down in early trade after Israel-Hamas ceasefire talks in Cairo helped quell market fears of an expanded conflict in the Middle East, while worries about the outlook for U.S. interest rates weighed on the market.

* Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.O/R

* Dalian's most-active soyoil contract DBYcv1 lost 0.65%, while its palm oil contract DCPcv1 slipped 1.51%. Soyoil prices on the Chicago Board of Trade BOcv1 were down 1.44%.

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

* The Malaysian ringgit MYR=, palm's currency of trade, weakened 0.1% against the dollar, making the commodity less expensive for buyers holding the foreign currency.

* Palm oil may revisit its April 25 low of 3,817 ringgit per metric ton, as it failed twice to break resistance at 3,942 ringgit, Reuters technical analyst Wang Tao said. TECH/C

MARKET NEWS

* Asian stocks inched higher on Tuesday as investors awaited a slew of economic data, corporate earnings and the U.S. Federal Reserve's policy meeting, while the yen was slightly weaker a day after suspected intervention rescued it from 34-year lows. MKTS/GLOB

https://www.xm.com/research/markets/allNews/reuters/palm-oil-opens-2-lower-ahead-of-malaysia-export-estimates-53825450

Sumber : XM Global (FSC)