02.11.2021 (www.nasdaq.com) - KUALA LUMPUR, Nov 3 (Reuters) - Malaysian palm oil futures fell on Wednesday, tracking weakness in rival edible oils as well as crude prices.

The benchmark palm oil contract FCPOc3 for January delivery on the Bursa Malaysia Derivatives Exchange slid 0.4% to 4,950 ringgit ($1,192.20) a tonne in early trade.

FUNDAMENTALS

* Dalian's palm oil contract DCPcv1 fell 0.1%, while the most active soyoil contract DBYcv1 was largely unchanged. Soyoil prices on the Chicago Board of Trade BOcv1 were down 0.4%.

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

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

* Palm oil may retest a resistance at 5,048 ringgit per tonne, a break above could lead to a gain at 5,187 ringgit, Reuters technical analyst Wang Tao said. TECH/C

MARKET NEWS

* Oil prices fell as industry data pointed to a big build in crude and distillate stocks in the United States, and as pressure mounted on OPEC to increase supply. O/R

* World shares reached new records, lifted by rising U.S. and European stocks, while the latest batch of earnings reports bolstered the dollar as investors await the Federal Reserve's plans to taper its massive stimulus. MKTS/GLOB

* U.S. wheat futures edged lower for a second consecutive session, though concerns about global supplies kept prices near a nine-year high. GRA/

DATA/EVENTS (GMT)

0145 China Caixin Services PMI Oct

0600 UK Nationwide House price MM, YY Oct

0930 UK Reserve Assets Total Oct

1000 EU Unemployment Rate Sept

1230 US International Trade Sept

1345 US Markit Comp, Svcs Fina PMIs Oct

1400 US Factory Orders MM Sept

1500 US ISM N-Mfg PMI Oct

1800 US Federal Open Market Committee announces its decision on interest rates followed by statement

($1 = 4.1520 ringgit)

(Reporting by Liz Lee; Editing by Ramakrishnan M.)