VEGOILS-Palm trades eases on weaker rival oils; set for a weekly loss

(Updates with midday break prices, analyst comment on paragraph 4) By Dewi Kurniawati JAKARTA, Dec 13 (Reuters) - Malaysian palm oil futures extended losses on Friday, tracking weakness in rival vegetable oils at the Chicago and Dalian exchanges, and were set to book a weekly loss. The benchmark palm oil contract FCPOc3 for February delivery on the Bursa Malaysia Derivatives Exchange lost 35 ringgit, or 0.71%, to 4,886 ringgit ($1,097.98) a metric ton by the midday break. The contract has fallen 4.72% so far this week. "The futures seem to be trading range bound, awaiting fresh lead. Got to see how Dalian exchange behaves to decide on the direction," a Kuala Lumpur-based trader said. Soyoil lost 0.61% at the Chicago Board of Trade BOcv1 . Dalian's most-active soyoil contract DBYcv1 fell 0.97%, while its palm oil contract DCPcv1 gained 0.44%. Palm oil tracks price movements of rival edible oils as it competes for a share of the global vegetable oils market. India's palm oil imports in November fell 0.4% from October to 841,993 metric tons, the Solvent Extractors' Association of India said. Cargo surveyor Intertek Testing Services predicted export of Malaysian palm oil products for Dec. 1-10 to have risen 3.9%, while independent inspection company AmSpec Agri Malaysia forecast a 1.1% rise. Oil prices eased as investors focused on a forecast of ample supply and shrugged off expectations of higher demand next year from Chinese stimulus measures, while eyeing another Federal Reserve interest rate cut next week. O/R Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. Palm oil FCPOc3 is expected to test resistance at 4,961 ringgit per metric ton, a break above which could open the way towards 5,045 ringgit, Reuters technical analyst Wang Tao said. TECH/C ($1 = 4.4500 ringgit) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ cpo https://tmsnrt.rs/3VBAcgo ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Dewi Kurniawati; Editing by Janane Venkatraman and 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 ))