CORRECTED-VEGOILS-Palm set to post weekly drop, weighed down by rival oils

(Corrects headline and lead to show palm post weekly drop, not third weekly drop) JAKARTA, Jan 17 (Reuters) - Malaysian palm oil futures declined for a fourth straight session on Friday and are set to post a weekly drop, dragged down by losses in Dalian vegetable oils and sluggish demand. The benchmark palm oil contract FCPOc3 for April delivery on the Bursa Malaysia Derivatives Exchange lost 41 ringgit, or 0.98%, to 4,145 ringgit ($921.73) a metric ton by 0247 GMT. The contract fell to its lowest in more than three months and has lost 5.51% so far this week. FUNDAMENTALS * Dalian's most-active soyoil contract DBYcv1 lost 1.79%, while its palm oil contract DCPcv1 fell 1.12%. Soyoil prices on the Chicago Board of Trade BOc2 were up 0.68%. * Palm oil tracks price movements in rival edible oils as it competes for a share of the global vegetable oils market. * Indonesia is temporarily freezing the distribution of subsidies for mandatory palm oil biodiesel and replanting programmes due to a reorganisation at its palm oil fund agency, an official said, while hoping the transition can be concluded as quickly as possible. * India's palm oil imports are set to plunge to a near five-year low in January, hit by negative refining margins as the tropical oil's premium over rivals drives buyers to more competitively priced soyoil, government and industry officials told Reuters. * Exports of Malaysian palm oil products for Jan. 1-15 are estimated to have fallen between 15.5% and 23.7%, according to cargo surveyors Intertek Testing Services and independent inspection company AmSpec Agri Malaysia. * Palm oil may fall further into a range of 3,947 ringgit to 4,045 ringgit per metric ton, driven by a wave C, said Reuters technical analyst Wang Tao. TECH/C MARKET NEWS * Oil prices climbed on Friday, heading for a fourth weekly gain, driven by concerns over tighter supply following U.S. sanctions on Russian oil producers and signals from a Federal Reserve official of potential interest rate cuts. O/R * The tone in global stocks turned weaker on Friday as Asian shares tracked overnight losses on Wall Street, even as bond yields slid amid a revival in bets that the Federal Reserve will cut interest rates in June. MKTS/GLOB DATA/EVENTS 0200 China Urban Investment(YTD) YY, Retail Sales YY Dec 0200 China GDP YY Q4 0200 China Unemp Rate Urban Area Dec 0700 UK Retail Sales MM, Retail Sales Ex-Fuel MM, Retail Sales YY Dec 1000 EU HICP Final MM, HICP Final YY Dec 1330 US Housing Starts Number Dec 1415 US Industrial Production MM Dec ($1 = 4.4970 ringgit) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ cpo https://tmsnrt.rs/42dVXXt ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Bernadette Christina; Editing by Sonia Cheema) (([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 ))