VEGOILS-Palm futures flat as rising output, strong ringgit offsets boost from rival oils

JAKARTA, April 24 (Reuters) - Malaysian palm oil futures ended barely changed on Thursday as market participants awaited cues amid support from rival vegetable oils, although a strong ringgit and rising production limited gains.

The benchmark palm oil contract FCPOc3 for July delivery on the Bursa Malaysia Derivatives Exchange lost 1 ringgit, or 0.02%, to 4,036 ringgit ($923.57) a metric ton by at closing.

The contract traded between 4,005 ringgit and 4,054 ringgit a ton in early trade, after closing at 4,037 ringgit in the previous session.

"Today crude palm oil futures is still consolidating after yesterday's supportive demand news from India and rising production from Malaysian Palm Oil Association," a Kuala Lumpur-based trader said, adding the market is awaiting further cues.

However, rising production and a stronger Malaysian ringgit, the contract currency of trade, may cap the price rally, the trader said.

The ringgit strengthened 0.41% against the U.S. dollar on Thursday, making the contract less attractive for foreign currency holders.

Dalian's most-active soyoil contract DBYcv1 was up 0.59%, while its palm oil contract DCPcv1 gained 0.98%. Soyoil prices on the Chicago Board of Trade (CBOT) BOc2 rose 0.62%.

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

India has started raising palm oil purchases after a five-month lull as a correction in prices made the tropical oil cheaper than rival soyoil, encouraging refiners to place orders to replenish inventories, four dealers told Reuters.

Palm oil FCPOc3 may retrace into a range of 3,929 ringgit to 3,968 ringgit per metric ton, following its failure to break resistance at 4,072 ringgit, according to Reuters technical analyst Wang Tao. TECH/C

($1 = 4.3700 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