VEGOILS-Palm trades in tight range after two sessions of gains

By Dewi Kurniawati JAKARTA, Jan 14 (Reuters) - Malaysian palm oil futures were stuck in a tight range on Tuesday as market participants took a breather after two sessions of sharp gains. The benchmark palm oil contract FCPOc3 for March delivery on the Bursa Malaysia Derivatives Exchange lost 7 ringgit, or 0.16%, to 4,493 ringgit ($998.44) a metric ton by 0232 GMT. FUNDAMENTALS * Soyoil prices on the Chicago Board of Trade BOcv1 were down 0.52%. Dalian's most-active soyoil contract DBYcv1 rose 1.2%, while its palm oil contract DCPcv1 added 0.6%. * Palm oil tracks price movements of rival edible oils as it competes for a share of the global vegetable oils market. * China's soybean oil and meal futures logged their biggest daily rise since 2023 on Monday, while rapeseed meal and palm oil contracts also jumped, following a rally in the Chicago soy complex after the release of bullish USDA crop reports. * Malaysia's palm oil stocks declined for a third straight month in December, falling 6.91% to 1.71 million metric tons, while crude palm oil production fell 8.3% and exports plunged 9.97%, data from the Malaysian Palm Oil Board showed. * Cargo surveyors estimated that Malaysian palm oil exports fell between 21.4% and 26.8% during the Jan. 1-10 period from a month earlier. * Oil prices slipped at market open but remained near four-month highs as Chinese and Indian buyers sought new suppliers in the wake of the Biden administration's toughest sanctions yet on Russian oil. O/R * Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. * The Malaysian ringgit MYR= , palm's currency of trade, rose 0.18% against the U.S. dollar, making the commodity a tad expensive for buyers holding foreign currencies. * Palm oil still targets 4,646 ringgit per ton, the peak of a wave B, according to Reuters' technical analyst Wang Tao. MARKET NEWS * Ten-year Treasury yields hit 14-month highs, driving a spike in the dollar and a wave of selling in technology stocks which spread to Asia in early trade, with Japan's Nikkei sliding after a holiday break and U.S. inflation data on investors' minds. MKTS/GLOB DATA/EVENTS 1330 US PPI Machine Manuf'ing Dec ($1 = 4.5000 ringgit) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ cpo https://tmsnrt.rs/3Wg4RjD ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (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 ))