VEGOILS-Palm trades lower on profit taking ahead of Christmas holidays

(Updates for market mid-session trading, adds trader's comment) KUALA LUMPUR, Dec 24 (Reuters) - Malaysian palm oil futures slipped on Tuesday as traders booked profits ahead of the Christmas holidays. The benchmark palm oil contract FCPOc3 for March delivery on the Bursa Malaysia Derivatives Exchange fell 28 ringgit, or 0.62%, to 4,514 ringgit a metric ton at the midday break. 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. Monday's price rally, driven by Indonesia's B40 biodiesel news, has been largely priced in, with market participants now remaining cautious amid year end book closures, he added. The contract gained 2.46% on Monday, snapping six straight sessions of losses. Indonesia's plan to expand its biodiesel mandate from Jan. 1 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 0.87%, while its palm oil contract DCPcv1 gained 1.24%. Soyoil prices on the Chicago Board of Trade BOcv1 were down 1.06%. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Oil prices were up on Tuesday in thin trade ahead of the Christmas Day holiday, with prices supported by U.S. economic data and rising oil demand in India, the world's third-largest oil importer. O/R Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. The ringgit MYR= , palm's currency of trade, remained unchanged against the dollar. The Bursa Malaysia Derivatives Exchange will be closed on Wednesday for Christmas. Palm oil may bounce further into the range of 4,624 ringgit to 4,684 ringgit per metric ton, as it has climbed a falling channel, Reuters technical analyst Wang Tao said. TECH/C <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ cpo https://tmsnrt.rs/3BIAwmG ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Ashley Tang; Editing by Sonia Cheema and Janane Venkatraman) (([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 ))