VEGOILS-Palm declines on weak rival oil, stronger ringgit

JAKARTA, Jan 22 (Reuters) - Malaysian palm oil futures snapped a three-session rally on Wednesday, dragged down by weakness in Chicago soyoil and Dalian palm oil, while a stronger ringgit also weighed on sentiment. The benchmark palm oil contract FCPOc3 for April delivery on the Bursa Malaysia Derivatives Exchange lost 28 ringgit, or 0.66%, to 4,232 ringgit ($953.15) a metric ton by 0238 GMT. FUNDAMENTALS * Dalian's most-active soyoil contract DBYcv1 was up 0.23%, while its palm oil contract DCPcv1 slipped 0.09%. Soyoil at The Chicago Board of Trade BOc2 was down 0.3%. * Palm oil tracks price movements in rival edible oils as it competes for a share of the global vegetable oils market. * Malaysian ringgit, the contract currency of trade strengthened 0.74% against the U.S. dollar. A stronger ringgit made palm oil less attractive for foreign currency holders. * Exports of Malaysian palm oil products for Jan. 1-20 are estimated to have fallen between 18.2% and 23%, according to cargo surveyors Intertek Testing Services and independent inspection company AmSpec Agri Malaysia. * Palm oil FCPOc3 may revisit the Jan. 16 low of 4,106 ringgit per ton, as a bounce triggered by this barrier seems to have completed around 4,265 ringgit, Reuters technical analyst Wang Tao said. TECH/C MARKET NEWS * Global stocks gained as a flurry of new policies from U.S. President Donald Trump, combined with robust corporate earnings bolstered investor optimism, while tariff uncertainty kept the dollar near two-week lows. MKTS/GLOB * Oil prices were little changed in early trading, as markets weighed U.S. President Donald Trump's declaration of a national energy emergency on his first day in office and its impact on supply. O/R ($1 = 4.4400 ringgit) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ cpo https://tmsnrt.rs/42dVXXt ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Bernadette Christina; 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 ))