VEGOILS-Palm falls on profit taking, lower palm oil export estimates

(Updates for market close) KUALA LUMPUR, Feb 20 (Reuters) - Malaysian palm oil futures fell on Thursday, as profit-taking and lower palm oil exports estimates until February 20 weighed on the market. The benchmark palm oil contract FCPOc3 for May delivery on the Bursa Malaysia Derivatives Exchange had slid 26 ringgit, or 0.56%, to 4,646 ringgit ($1,049.47) a metric ton at the close. The contract rose 3.73% in the previous session. The market traded lower after shedding some of its gains made on Wednesday, said Anilkumar Bagani, commodity research head at Mumbai-based Sunvin Group. Bagani added that market speculation regarding Indonesia's palm oil export restrictions ahead of Ramadan and the possibility of India raising its vegetable oil import tax from 10% to 15% were also instilling volatility in the market. Dalian's most-active soyoil contract DBYcv1 rose 0.46%, while its palm oil contract DCPcv1 added 2.54%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.95%. Palm oil tracks the price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Cargo surveyors estimated that exports of Malaysian palm oil products during February 1-20 fell between 0.3% and 8.1%, compared with the same period a month ago. The ringgit MYR= , palm's currency of trade, strengthened 0.25% against the U.S. dollar, making the commodity more expensive for buyers holding foreign currencies. Indian refiners have cancelled orders for 70,000 metric tons of crude palm oil (CPO) scheduled for delivery between March and June, because of a surge in benchmark Malaysian prices and negative refining margins in India, four trade sources said. Oil prices were little changed on Thursday after rising to a near one-week high in the previous session, as an industry report showing a buildup in U.S. crude stockpiles pressured the market. O/R Malaysia maintained its March export tax for crude palm oil at 10% and lowered its reference price to 4,390.37 ringgit ($988.38) per ton, a circular on the Malaysian Palm Oil Board website showed. ($1 = 4.4270 ringgit) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ tech https://tmsnrt.rs/3QqeqJm ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Ashley Tang; Editing by Rashmi Aich, Savio D'Souza and Shailesh Kuber) ((ashley.tang@thomsonreuters.com;)) ((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 ))