VEGOILS-Palm snaps four-session losing run, but on track for third weekly loss

By Dewi Kurniawati

JAKARTA, April 18 (Reuters) - Malaysian palm oil futures rose on Friday, snapping four straight sessions of losses, supported by strength in rival vegetable oils although, it is on track for a third consecutive weekly loss.

The benchmark palm oil contract FCPOc3 for July delivery on the Bursa Malaysia Derivatives Exchange gained 19 ringgit, or 0.47%, to 4,030 ringgit ($914.66) a metric ton during the morning trade.

The futures have lost 4.32% so far this week.

FUNDAMENTALS

Dalian's most-active soyoil contract DBYcv1 was up 0.31%, while its palm oil contract DCPcv1 gained 0.27%. Soyoil prices on the Chicago Board of Trade (CBOT) BOcv1 rose 0.67%.

Palm oil tracks price movements of rival edible oils as it competes for a share of the global vegetable oils market.

Malaysia maintained its May export tax for crude palm oil at 10% and lowered its reference price, a circular on the Malaysian Palm Oil Board website showed on Tuesday.

Exports of Malaysian palm oil products for April 1-15 are estimated to have risen between 13.6% and 17% from a month ago, said cargo surveyor Intertek Testing Services and independent inspection company AmSpec Agri Malaysia.

The Malaysian ringgit, the contract currency of trade, largely traded flat against the U.S. dollar. A weaker ringgit makes the contract more attractive for foreign currency holders.

DATA/EVENTS (GMT)

No major data/events expected.

($1 = 4.4060 ringgit)

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