VEGOILS-Palm trades sideways ahead of the Christmas holiday

(Updates for market close) KUALA LUMPUR, Dec 24 (Reuters) - Malaysian palm oil futures traded sideways on Tuesday ahead of the Christmas holiday as profit taking capped gains. The benchmark palm oil contract FCPOc3 for March delivery on the Bursa Malaysia Derivatives Exchange was up 13 ringgit, or 0.29%, at 4,555 ringgit ($1,015.83) a metric ton at the close. Crude palm oil futures traded sideways to lower on profit taking ahead of the Christmas holidays, said Anilkumar Bagani, commodity research head at Sunvin group. The contract gained 2.46% on Monday, snapping six straight sessions of losses, lifted by stronger Dalian soyoil prices and as traders bought cheaper contracts after the recent bout of declines. Indonesia's plan to expand its biodiesel mandate from Jan. 1 is now largely priced in, Bagani said. The plan looks increasingly likely to be implemented gradually, analysts said last Wednesday, as industry participants seek a phase-in period. Dalian's most-active soyoil contract DBYcv1 rose 1.06%, while its palm oil contract DCPcv1 gained 1.47%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.12%. Palm oil tracks price movements of rival edible oils as it competes for a share of the global vegetable oils market. Oil prices rose on Tuesday, reversing the prior session's losses, buoyed by a slightly positive market outlook for the short term despite thin trade ahead of the Christmas holiday. O/R Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. The ringgit MYR= , palm's currency of trade, strengthened 0.07% against the dollar. A stronger ringgit makes palm oil more expensive for foreign currency holders. The Bursa Malaysia Derivatives Exchange will be closed on Wednesday for Christmas. ($1 = 4.4840 ringgit) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ cpo https://tmsnrt.rs/3BIAwmG ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Ashley Tang; Editing by Sonia Cheema, Janane Venkatraman and Jan Harvey) (([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 ))