VEGOILS-Palm weighed down by overnight weakness in Chicago soyoil and crude prices

(Updates midday prices and trader's comment) KUALA LUMPUR, Oct 17 (Reuters) - Malaysian palm oil futures inched lower on Thursday, weighed down by weakness in overnight Chicago soyoil and crude prices, but stronger Dalian oils supported the market. The benchmark palm oil contract FCPOc3 for January delivery on the Bursa Malaysia Derivatives Exchange fell 19 ringgit, or 0.44%, to 4,292 ringgit ($996.52) a metric ton at the midday break. The market fell today as it was weighed down by weakness in overnight Chicago soyoil and crude prices, said a Kuala Lumpur-based trader. "But, we see Dalian oils supporting the market," the trader said. Dalian's most-active soyoil contract DBYcv1 climbed 0.17%, while its palm oil contract DCPcv1 gained 0.32%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.5%. Palm oil tracks prices of rival edible oils as they compete for a share of the global vegetable oils market. Oil prices rose in early Asian trade, paring sharp losses over the past two sessions, after industry data showed an unexpected drop in U.S. crude stockpiles last week. O/R Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. The ringgit MYR= , palm's currency of trade, weakened 0.4% against the U.S. dollar, making the commodity cheaper for buyers holding foreign currencies. European Union ambassadors agreed to delay the implementation of the landmark deforestation law by a year till the end of December 2025, they said in a statement. Palm oil may fall to 4,206 ringgit per metric ton, following its failure to break resistance at 4,346 ringgit, Reuters technical analyst Wang Tao said. TECH/C ($1 = 4.3070 ringgit) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ cpo https://tmsnrt.rs/3UddrPf ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Ashley Tang; Editing by Sumana Nandy) (([email protected];)) ((For a table on Malaysian physical palm oil prices, including refined oil, Reuters Terminal users can double click on or type OILS/MY01 . * To view freight rates from Peninsula Malaysia/Sumatra to China, India, Pakistan and Rotterdam, please key in OILS/ASIA2 and press enter, or double click between the brackets. * Reuters Terminal users can see cash and futures edible oil prices by double clicking on the codes in the brackets: To go to the next page in the same chain, hit F12. To go back, hit F11. Vegetable oils OILS/ASIA1 Malaysian palm oil exports SGSPALM1 CBOT soyoil futures 0#BO: CBOT soybean futures 0#S: Indian solvent SOLVENT01 Dalian Commodity Exchange DC/MENU Dalian soyoil futures 0#DBY: Dalian refined palm oil futures 0#DCP: Zhengzhou rapeseed oil 0#COI: European edible oil prices/trades OILS/E ))