VEGOILS-Palm slips on profit-taking, firm ringgit; still set for third weekly gain

KUALA LUMPUR, Jan 23 (Reuters) - Malaysian palm oil futures fell on Friday amid profit-taking and a firmer ringgit, but remained on track for a third weekly gain.

The benchmark palm oil contract FCPOc3 for April delivery on the Bursa Malaysia Derivatives Exchange slid 30 ringgit, or 0.71%, to 4,167 ringgit ($1,041.75) a metric ton by the midday break.

The contract has risen 2.6% so far this week.

Investors booked profits ahead of the weekend and a stronger ringgit snapped the recent rally, said a Kuala Lumpur-based trader.

The ringgit MYR=, palm's currency of trade, strengthened 0.94% against the dollar, making the commodity more expensive for buyers holding foreign currencies.

Dalian's most-active soyoil contract DBYcv1 rose 0.07%, while its palm oil contract DCPcv1 shed 0.04%. Soyoil prices on the Chicago Board of Trade BOcv1 were down 0.07%.

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

Oil prices rebounded after U.S. President Donald Trump renewed threats against major Middle Eastern producer Iran, raising concerns of military action that could disrupt supplies. O/R

Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.

Palm oil may fall to 4,132 ringgit per metric ton, following its failure to break a resistance at 4,211 ringgit, Reuters technical analyst Wang Tao said. TECH/C

($1 = 4.0000 ringgit)