KUALA LUMPUR, Oct 28 (Reuters) -Malaysian palm oil futures fell for a second consecutive session on Monday, tracking weakness in rival edible oils and lower crude oil prices.
The benchmark palm oil contract FCPOc3 for January delivery on the Bursa Malaysia Derivatives Exchange fell 41 ringgit, or 0.9%, to 4,495 ringgit a metric ton in early trade.
FUNDAMENTALS
* Dalian's most-active soyoil contract DBYcv1 fell 1.57%, while its palm oil contract DCPcv1 lost 1.6%. Soyoil prices on the Chicago Board of Trade BOcv1 were down 2.15%.
* Palm oil tracks price movements of rival edible oils, as they compete for a share in the global vegetable oils market.
* Oil prices tumbled more than $3 a barrel after Israel's retaliatory strike on Iran over the weekend bypassed Tehran's oil and nuclear facilities and did not disrupt energy supplies, easing geopolitical tensions in the Middle East. O/R
* Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.
* The ringgit MYR=, palm's currency of trade, weakened 0.46% against the dollar, making the commodity cheaper for buyers holding foreign currencies.
MARKET NEWS
* The yen hit a three-month low as Japan's ruling party lost its parliamentary majority, while oil tumbled after Israel's weekend strike on Iran bypassed oil or nuclear targets.
