NEW DELHI, Dec 22 (Reuters) - Malaysian palm oil futures dropped in early trade on Friday, extending losses from the previous session when investors booked profits.
The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange lost 25 ringgit, or 0.67%, to 3,716 ringgit ($802.07) in early trade.
FUNDAMENTALS
* Exports of Malaysian palm oil products for Dec. 1-20 fell 8% to 837,475 metric tons from 910,513 metric tons shipped during Nov. 1-20, cargo surveyor Intertek Testing Services said on Wednesday.
* 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 earlier, data from the Indonesian Palm Oil Association (GAPKI) showed.
* 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.
* Soyoil futures on the Chicago Board of Trade were up 0.2%.
* Palm oil may test support of 3,683 ringgit per metric ton, a break below which could open the way towards 3,641 ringgit, Reuters' technical analyst Wang Tao said.
MARKET NEWS
* Oil prices rose in early trade as tensions persisted in the Middle East following Houthi attacks on ships in the Red Sea, although Angola's decision to leave OPEC raised questions over the group's effectiveness in supporting prices.
* Asian stocks were poised to eke out gains for the final full trading week of the year on Friday, while the dollar eyed a loss as investors look to 2024 as a year of steep U.S. rate cuts. ($1 = 4.6440 ringgit) (Reporting by Mayank Bhardwaj; Editing by Subhranshu Sahu)
