JAKARTA, Oct 23 (Reuters) - Malaysian palm oil futures fell for the fourth consecutive session on Thursday as weaker Dalian soyoil weighed on the market. The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange lost 30 ringgit, or 0.67%, to 4,426 ringgit ($1,047.82) a metric ton in early trade. FUNDAMENTALS * Dalian's most-active soyoil contract lost 0.51%, while its palm oil contract shed 1.26%. Soyoil prices on the Chicago Board of Trade were up 0.22%. * Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. * Indonesia's biodiesel consumption from January to September stood at 10.57 million kilolitres, its energy minister Bahlil Lahadalia said on Wednesday, up nearly 10% from 9.61 million kilolitres a year earlier. * Oil prices rose by more than $1 per barrel on Thursday, extending gains from the previous session, after the United States imposed sanctions on Russian oil companies Rosneft and Lukoil over the Ukraine war. * Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. * The ringgit, palm's currency of trade, weakened 0.02% against the dollar. A weaker ringgit would make the commodity less expensive for buyers holding foreign currencies. * Palm oil may stabilise in the support zone of 4,401 ringgit to 4,409 ringgit per metric ton and bounce towards the 4,447 ringgit to 4,471 ringgit range, Reuters technical analyst Wang Tao said. MARKET NEWS * Asian stocks fell for a second day on Thursday as lacklustre earnings reports from tech megacap stocks deepened a selloff on Wall Street, while U.S. sanctions against Russia and China revived fears around geopolitics. DATA/EVENTS 0500 Japan Chain Store Sales YY Sep 0645 France Business Climate Mfg, Overall Oct 1000 UK CBI Business Optimism Q4 1400 EU Consumer Confid. Flash Oct 1400 US Existing Home Sales Sep ($1 = 4.2240 ringgit) (Reporting by Dewi Kurniawati; Editing by Harikrishnan Nair) (The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)
