VEGOILS-Palm tracks on Chicago soyoil lower as lack of fresh demand weighs

(Updates with midday break prices, analyst comment) By Dewi Kurniawati JAKARTA, Jan 15 (Reuters) - Malaysian palm oil futures extended losses on Wednesday, tracking rival soyoil's weakness in Chicago and lack of fresh demand. The benchmark palm oil contract FCPOc3 for March delivery on the Bursa Malaysia Derivatives Exchange lost 49 ringgit, or 1.1%, to 4,388 ringgit ($974.25) a metric ton by the midday break. "The futures have been pressured by lack of fresh demand from the market, which will continue in the next two to three months until March," said Paramalingam Supramaniam, director at Selangor-based brokerage Pelindung Bestari. Soyoil prices on the Chicago Board of Trade BOcv1 fell 0.3%. Dalian's most-active soyoil contract DBYcv1 rose 0.21%, while its palm oil contract DCPcv1 slipped 1.38%. Palm oil tracks price movements in rival edible oils as it competes for a share of the global vegetable oils market. India's palm oil imports in December plunged 41% month on month to a nine-month low, as prices touching a 2-1/2-year high prompted refiners to stock-up on rival soyoil available at a discount, a leading trade body said. Cargo surveyors estimated Malaysian palm oil exports to have fallen between 21.4% and 26.8% during Jan. 1-10, from a month earlier. Oil prices were little changed, after falling on Tuesday, as a dip in U.S. crude stockpiles and expectations of supply disruptions from sanctions on Russian tankers lent support amid forecasts for lower global fuel demand. O/R Higher crude oil futures make palm a more attractive option for biodiesel feedstock. The Malaysian ringgit MYR= , palm's currency of trade, fell slightly against the U.S. dollar, making the commodity cheaper for buyers holding foreign currencies. A bullish target of 4,646 ringgit per metric ton has been aborted for palm oil FCPOc3 as the market seems to have lost its momentum around resistance at 4,521 ringgit, according to Reuters' technical analyst Wang Tao. TECH/C ($1 = 4.5040 ringgit) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ cpo https://tmsnrt.rs/42dVXXt ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Dewi Kurniawati; Editing by Sonia Cheema and 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 ))