VEGOILS-Palm oil futures rise on gains in rival oils, ringgit weakness

JAKARTA, Jan 7 (Reuters) - Malaysian palm oil futures climbed on Wednesday, tracking soyoil strength in Dalian and Chicago, while weakness in the ringgit added support.

The benchmark palm oil contract FCPOc3 for March delivery on the Bursa Malaysia Derivatives Exchange gained 14 ringgit, or 0.35%, to 4,004 ringgit ($988.64) a metric ton by the midday break.

"Bursa Malaysia CPO opened marginally higher, tracking spread movements against rival oilseeds," a Kuala Lumpur-based trader said, while adding that the listless performance in rival oilseeds and the energy complex may cap upside potential.

Dalian's most-active soyoil contract DBYcv1 rose 0.63%, while its palm oil contract DCPcv1 was up 0.26%. Soyoil prices on the Chicago Board of Trade BOc2 gained 0.43%.

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

The Malaysian ringgit, the contract currency of trade, eased 0.15% against the U.S. dollar, making palm oil cheaper for foreign currency holders.

Oil prices declined on Wednesday after U.S. President Donald Trump said Venezuela will be "turning over" 30 million to 50 million barrels of sanctioned oil to the United States. O/R

Weaker crude oil prices made palm oil less attractive for biodiesel feedstock.

Palm oil FCPOc3 remains neutral in a range of 3,975 ringgit to 4,024 ringgit per metric ton, and an escape could suggest a direction, Reuters technical analyst Wang Tao said.TECH/C

($1 = 4.0500 ringgit)