VEGOILS-Palm slips on firmer ringgit, weaker crude oil prices

KUALA LUMPUR, May 4 (Reuters) - Malaysian palm oil futures edged lower on Monday for a second consecutive session, as weaker crude oil prices and a firmer ringgit weighed on the market.

The benchmark palm oil contract FCPOc3 for July delivery on the Bursa Malaysia Derivatives Exchange slid 13 ringgit, or 0.28%, to 4,557 ringgit ($1,152.21) a metric ton in early trade.

FUNDAMENTALS

Soyoil prices on the Chicago Board of Trade BOcv1 were down 0.01%. The Dalian Commodity Exchange was closed for a public holiday and will resume trading on May 6.

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

Oil prices eased after U.S. President Donald Trump said the United States would begin an effort to free up ships stranded in the Strait of Hormuz, however the lack of a U.S.-Iran peace deal kept prices supported above $100. O/R

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

The ringgit MYR=, palm's currency of trade, strengthened 0.3% against the dollar, making the commodity more expensive for buyers holding foreign currencies.

Palm oil may retrace into a range of 4,517-4,537 ringgit per ton, following its failure to break a resistance at 4,626 ringgit, Reuters technical analyst Wang Tao said. TECH/C

MARKET NEWS

Shares edged higher while oil prices flatlined in Asia on Monday, as investors drew comfort from signs of patchy progress in settling the Middle East conflict at the start of a week packed with earnings and key economic data. MKTS/GLOB

DATA/EVENTS

0750 France HCOB Manufacturing PMI Apr

0755 Germany HCOB Manufacturing PMI Apr

0800 EU HCOB Manufacturing Final PMI Apr

1400 US Factory Orders MM Apr

($1 = 3.9550 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