VEGOILS-Palm tracks weak crude oil lower, set for weekly fall

KUALA LUMPUR, Oct 17 (Reuters) - Malaysian palm oil futures inched lower on Friday, on track for a weekly drop, as weaker crude oil prices weighed on the market.

The benchmark palm oil contract FCPOc3 for January delivery on the Bursa Malaysia Derivatives Exchange slid 8 ringgit, or 0.18%, to 4,512 ringgit ($1,068.43) a metric ton by the midday break.

The market traded lower as weak crude oil prices weigh on market sentiment, said David Ng, a proprietary trader at Kuala Lumpur-based trading firm Iceberg X Sdn Bhd.

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

Oil prices edged lower in early trade, heading for a weekly loss, with uncertainty over global energy supplies after U.S. President Donald Trump and Russian President Vladimir Putin agreed to meet in Hungary to discuss ending the war in Ukraine. O/R

Dalian's most-active soyoil contract DBYcv1 added 0.39%, while its palm oil contract DCPcv1 shed 0.17%. Soyoil prices on the Chicago Board of Trade BOcv1 were down 0.02%.

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

The ringgit MYR=, palm's currency of trade, strengthened 0.05% against the dollar, making the commodity slightly more expensive for buyers holding foreign currencies.

Indonesia, the world's largest palm oil producer, is considering a plan to require international flights from Jakarta and Bali to use a 1% sustainable aviation fuel blend starting from 2026, energy ministry official Edi Wibowo said.

India has raised the base import prices of gold, silver and all vegetable oils, the government said.

Palm oil may revisit its October 10 high of 4,612 ringgit per metric ton, as suggested by a small double-bottom, Reuters technical analyst Wang Tao said. TECH/C

($1 = 4.2230 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