29.03.2021 (in.investing.com) - KUALA LUMPUR, March 29 (Reuters) - Malaysian palm oil futures opened lower on Monday, tracking weak sentiment in rival oils.

The benchmark palm oil contract FCPOc3 for June delivery on the Bursa Malaysia Derivatives Exchange fell 58 ringgit, or 1.57%, to 3,634 ringgit ($876.51) a tonne during early trade.

"Weakness in commodities across the board may weigh and keep prices in negative territory," a Kuala Lumpur-based trader said.

FUNDAMENTALS

* Leading analysts said last week major vegetable oil prices, such as palm oil and soybean oil, have likely already peaked at multi-year highs in 2021 and while prices are expected to fall, they will not likely collapse. Dalian's most-active soyoil contract DBYcv1 fell 1.94%, while its palm oil contract DCPcv1 fell 2.24%. Soyoil prices on the Chicago Board of Trade BOcv1 dipped 0.08%.

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

MARKET NEWS

* Asian share markets turned mixed on Monday as U.S. equity futures slipped and investors awaited details of proposed trillions in U.S. fiscal spending that many are counting on to supercharge the global economic recovery. MKTS/GLOB

DATA/EVENTS (GMT)

No major data or event. ($1 = 4.1460 ringgit)

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