VEGOILS-Palm logs highest daily fall in over 2 months on weak rival oils, crude prices

JAKARTA/KUALA LUMPUR, June 24 (Reuters) - Malaysian palm oil futures declined more than 3% on Tuesday, snapping a four-day rally, as weaker rival Chicago soyoil and crude oil prices weighed on the market after a ceasefire deal between Israel and Iran eased tensions in the region.

The benchmark palm oil contract FCPOc3 for September delivery on the Bursa Malaysia Derivatives Exchange lost 140 ringgit, or 3.39%, to 3,986 ringgit ($940.09) a metric ton at the close, its biggest daily decline since April 4.

Crude palm oil prices fell, tracking weakness in the Chicago soybean oil and crude oil markets amid the easing tensions in the Middle East, said David Ng, a proprietary trader at Kuala Lumpur-based trading firm Iceberg X Sdn Bhd.

Dalian's most-active soyoil contract DBYcv1 fell 2.21%, while its palm oil contract DCPcv1 shed 2.14%. Soyoil prices on the Chicago Board of Trade BOcv1 slipped 2.14%.

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

Oil prices extended losses to hit a two-week low on Tuesday after Israel agreed to U.S. President Donald Trump's proposal for a ceasefire with Iran, alleviating worries over supply disruptions in the Middle East. O/R

Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.

Indonesia exported 1.78 million tons of palm oil, including refined products, in April, down from 2.18 million tons a year earlier, data from the Indonesia Palm Oil Association showed.

India's soyoil imports in June are likely to fall by 18% from a month ago to a four-month low, as congestion at a key port will lead to unloading vessels into July instead of June.

The ringgit MYR=, palm's currency of trade, strengthened 1.21% against the dollar, making the commodity more expensive for buyers holding foreign currencies.

($1 = 4.2400 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