VEGOILS-Palm oil eases on soft rival oils, heads for weekly loss

SINGAPORE, March 22 (Reuters) - Malaysian palm oil futures fell on Friday amid lower edible and crude oil prices, with the market set for a weekly decline, although a weaker ringgit limited losses. The benchmark palm oil contract FCPOc3 for June delivery on the Bursa Malaysia Derivatives Exchange fell 21 ringgit, or 0.49% to 4,228 ringgit ($892.36) a metric ton in morning trade. It had slid 0.19% during overnight trade. The contract is set for a weekly loss of about 1%. FUNDAMENTALS * Dalian's most-active soyoil contract DBYcv1 fell 0.88%, while its palm oil contract DCPcv1 was down 0.86%. Soyoil prices on the Chicago Board of Trade BOcv1 lost 0.74%. * Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market. * Oil prices sank on the possibility of a nearing Gaza ceasefire, which could ease geopolitical concerns in the Middle East, at the same time a stronger U.S. dollar and faltering U.S. gasoline demand weighed on prices. O/R * Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. * The Malaysian ringgit MYR= , palm's currency of trade, weakened 0.55% against the dollar. A weaker ringgit makes palm oil more attractive for foreign currency holders. * Palm oil may retrace into the 4,190-4,212 ringgit range again, following its failure to break resistance at 4,326 ringgit per ton, said Reuters technical analyst Wang Tao. TECH/C MARKET NEWS * Asian stocks were eyeing a weekly gain and the Nikkei charged to a fresh record high, riding on a rally from its global counterparts after a surprise rate cut from the Swiss National Bank had investors wagering who could be next. MKTS/GLOB ($1 = 4.7380 ringgit) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ cpo https://tmsnrt.rs/4a3l9Bj ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Cassandra Yap; Editing by Rashmi Aich) (([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 ))