VEGOILS-Palm oil tracks rival oils higher but output expectations, exports weigh

(Updates with midday prices, trader comments) By Fransiska Nangoy JAKARTA, March 18 (Reuters) - Malaysian palm oil futures climbed higher on Monday as stronger rival oils helped boost prices, but smaller-than-expected exports and expectation of higher output capped gains. The benchmark palm oil contract FCPOc3 for June delivery on the Bursa Malaysia Derivatives Exchange gained 0.55% to 4,243 ringgit ($899.70) by midday break. It rose as much as 1.89% earlier in the session before easing. The benchmark contract for May delivery gained 4.86% last week, its highest weekly jump since Jan. 12. The contract rose to track Chicago soybean oil and Dalian's palm oil contract's earlier gains, but some market participants were anticipating a higher production figure from the Southern Peninsular Palm Oil Millers Association, a Kuala Lumpur-based trader said. The higher output expectation and sluggish export data were capping the gains. "As shown from earlier export figures, exports were slower then traders' expectations," the trader said. The export of Malaysian palm oil products for March 1-15 rose 8.4% from shipments in February 1-15, independent inspection company AmSpec Agri Malaysia said on Friday, while cargo surveyor Intertek Testing Services reported a 3.3% increase in the same period. Dalian's palm oil contract DCPv1 lost 0.22%, reversing some of its 2.28% gains earlier in the session. Its most-active soyoil contract DBYv1 rose 0.38%, while soyoil prices on the Chicago Board of Trade BOc2 edged 0.1% up. Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market. Palm oil may break resistance at 4,326 ringgit and rise into a range of 4,378 ringgit to 4,410 ringgit per metric ton, Reuters technical analyst Wang Tao said. TECH/C ($1 = 4.7160 ringgit) (Reporting by Fransiska Nangoy; Editing by Sherry Jacob-Phillips and Sohini Goswami) (([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, 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 ))