The Investing.com (25/01/2021) - SINGAPORE, Jan 25 (reuters) - Malaysian palm oil futures fell for a second consecutive session on Monday, tracking losses in rival vegetable oils on the Dalian Commodity Exchange and Chicago Board of Trade (CBOT).

The benchmark palm oil contract FCPOc3 for April delivery on the Bursa Malaysia Derivatives Exchange fell 54 ringgit, or 1.7%, to 3,225 ringgit ($797.48) a tonne during early trade.

It reported a 0.2% fall in the previous session on Friday and saw its second weekly loss as exports continued to drop. are down due to spillover weakness from external markets," a Kuala Lumpur-based trader told Reuters.

CBOT soybean futures extended losses on Monday as rains in South American growing regions eased concerns about tight global supplies. Soyoil prices on the CBOT BOcv1 were last down 0.2%. Dalian's most-active soyoil contract DBYcv1 fell 1.9% and its palm oil contract DCPcv1 dropped 1.6%.

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

The contract may break a resistance at 3,300 ringgit per tonne and rise to a range of 3,348-3,381 ringgit, as the fall from the Jan. 6 high of 3,888 ringgit has been completed. TECH/C

FUNDAMENTALS

* Oil prices slipped for a second straight session on Monday as renewed COVID-19 lockdowns raised fresh concerns about global fuel demand. O/R

MARKET NEWS

* Asian shares were on the defensive on Monday as rising COVID-19 cases and doubts over the ability of vaccine makers to supply the promised doses on time soured risk appetite. MKTS/GLOB

DATA/EVENTS (GMT) 0900 Germany Ifo Business Climate New Jan 0900 Germany Ifo Curr Conditions New Jan 0900 Germany Ifo Expectations New

Jan 1000 EU

Consumer Confid. Final Jan

($1 = 4.0440 ringgit)

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