NEW DELHI, Dec 21 (Reuters) - Malaysian palm oil futures fell in early trade on Thursday due to lower overseas demand for the tropical oil.
The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange lost 34 ringgit, or 0.90%, to 3,744 ringgit ($805.51) in early trade.
FUNDAMENTALS
* Malaysia's palm oil stocks at the end of November fell for the first time in seven months as a decline in production outpaced the fall in export, data from the industry regulator showed last week.
* Indonesia, the world's biggest palm oil producer, exported 3.00 million metric tons of palm oil products in October, down 31% from a year ago, data from the Indonesian Palm Oil Association (GAPKI) showed.
* European Union soybean imports in the 2023/24 season that started in July reached 5.17 million metric tons by Dec. 17, nearly unchanged from the 5.15 million recorded a year earlier, according to the data published by the European Commission.
* Exports of Malaysian palm oil products fell 13.6% month-on-month to 591,490 metric tons in the first half of December, per cargo surveyor Intertek Testing Services.
* Soyoil futures on the Chicago Board of Trade were down 0.63%.
* Palm oil may test a support zone of 3,775-3,781 ringgit per metric ton, following its failure to break resistance at 3,813 ringgit.
MARKET NEWS
* Oil prices fell on Thursday and were on track to snap a three-day winning streak, as concerns over low demand following a surprise U.S. crude inventory build outweighed jitters over global trade disruptions due to tensions in the Middle East.
* Asian shares fell on Thursday after Wall Street snapped a long winning streak. ($1 = 4.6440 ringgit) (Reporting by Mayank Bhardwaj; Editing by Dhanya Ann Thoppil)
