VEGOILS-Palm oil falls as weather improves in Malaysia; gains for a second week

(Update with closing prices) JAKARTA, Dec 6 (Reuters) - Malaysian palm oil futures declined on Friday on easing supply concerns, as weather improved in the world's second-largest producer Malaysia; however, the contract rose for a second week. The benchmark palm oil contract FCPOc3 for February delivery on the Bursa Malaysia Derivatives Exchange lost 3 ringgit, or 0.06%, to 5,132 ringgit ($1,161.87) a metric ton at closing. The contract rose 2.29% for the week. "The rains have stopped at least for now, thus the damage is not widespread," said Paramalingam Supramaniam, director at Selangor-based brokerage Pelindung Bestari. A devastating flood hit Malaysia last week following heavy rain in late November and the country's meteorological department earlier this week forecast monsoon surge from Dec. 8 to 14, which could bring continuous rain to the east coast of Malaysia's peninsular and parts of Sabah and Sarawak states on Borneo island. The contract is also easing as demand - especially for January - is seen as minimal, he added, while market participants are waiting for more direction from Malaysian Palm Oil Board data on November performance. Dalian's most-active soyoil contract DBYcv1 was up 0.36%, while its palm oil contract DCPcv1 fell 0.41%. Soyoil rose 1.25% at the Chicago Board of Trade. Palm oil tracks the price movements of rival edible oils as it competes for a share of the global vegetable oils market. Malaysia's palm oil inventories are expected to have fallen in November for a second consecutive month as torrential rains disrupted production, a Reuters survey showed. Palm oil FCPOc3 is expected to gain further into the 5,202-5,242 ringgit per ton range, driven by a wave 5, Reuters technical analyst Wang Tao said. TECH/C ($1 = 4.4170 ringgit) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ cpo https://tmsnrt.rs/3Z2Pw6o ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Bernadette Christina; Editing by Sumana Nandy, Rashmi Aich and Vijay Kishore) (([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 ))