VEGOILS-Palm oil gains after two-day slide, but set for weekly loss

(Updates with midday break prices, comments in paragraph 4) By Dewi Kurniawati JAKARTA, Aug 2 (Reuters) - Malaysian palm oil futures rose on Friday amid higher rival oils, although persistent strength of ringgit capped upside momentum and kept the contract on track for a second consecutive weekly drop. The benchmark palm oil contract FCPOc3 for October delivery on the Bursa Malaysia Derivatives Exchange gained 31 ringgit, or 0.8%, to 3,901 ringgit ($860.96) a metric ton by the midday break. The contract has fallen 1.05% so far in the week. "Signs of recovery in Dalian palm olein and Chicago's soyoil have lifted the futures today. Nonetheless, persistent strength of ringgit has capped the upside momentum," a Kuala Lumpur-based trader said. Dalian's most-active soyoil contract DBYcv1 edged 0.05% higher, while its palm oil contract DCPcv1 gained 0.95%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.55%. Palm oil tracks price movements of rival edible oils, as they compete for a share in the global vegetable oils market. Indonesia's plan to revise domestic market obligation (DMO) rules for palm oil will not affect the DMO export ratio. Export quotas are set at four times the volume of palm oil that companies supply locally. Extra allotments are given to companies that sell in smaller, household-friendly sizes. The ringgit, palm's currency of trade, strengthened 0.42% against the U.S. dollar, making the vegetable oil less attractive for foreign currency holders. Malaysian palm oil exports in July were seen rising between 22.8% and 30.91%, cargo surveyor Amspec Agri and Intertek Testing Services said. Cargo surveyor Societe Generale de Surveillance (SGS) estimated exports stood at 1.48 million tons, according to LSEG, a 23.6% jump from June. Palm oil is expected to retest support at 3,849 ringgit per metric ton, a break below could open the way towards 3,809 ringgit, Reuters technical analyst Wang Tao said TECH/C . ($1 = 4.5310 ringgit) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ cpo https://tmsnrt.rs/3A4Y5ot ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Dewi Kurniawati; Editing by Subhranshu Sahu) (([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 ))