VEGOILS-Palm falls nearly 2% on stronger ringgit

By Emily Chow

* Palm drops for 3rd straight session * Ringgit hits 2-week high against dollar * Palm oil may test support at 2,160 rgt/T - techs (Adds closing prices, trader's comment) By Emily Chow KUALA LUMPUR, Aug 19 (Reuters) - Malaysian palm oil futures fell nearly 2% on Monday, weighed down by gains in the ringgit and tracking losses in related edible oils. The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange was down 1.6% at 2,156 ringgit ($516.41) per tonne to mark a third straight session of losses. Palm earlier fell as much as 1.8% to an over one-week low of 2,152 ringgit, its lowest since August 9. Palm oil may test a support at 2,160 ringgit per tonne, a break below which could cause a fall to 2,113 ringgit, said Wang Tao, a Reuters market analyst for commodities and energy technicals. "The ringgit influenced the palm market today," said a Kuala Lumpur-based trader. The ringgit, palm's currency of trade, earlier strengthened to its strongest level against the dollar in two weeks before paring some gains. It was last up 0.02% to 4.1750 on the day. A stronger ringgit makes palm oil more expensive for holders of foreign currencies. Traders earlier in the day said palm prices were weighed by losses in related edible oils. U.S. soyoil futures on the Chicago Board of Trade were last down 0.5%, while the September soyoil contract on the Dalian exchange eased 0.6%. U.S. grain prices lost ground, giving up some of the previous session's gains as crop-friendly weather in parts of the U.S. Midwest at the weekend boosted hopes of bumper production. Meanwhile, the Dalian September palm oil contract slipped 1.1%. Palm oil prices are affected by movements in related oils that compete in the global vegetable oils market. Palm, soy and crude oil prices at 1047 GMT Contract Month Last Change Low High Volume MY PALM OIL SEP9 2106 -38.00 2103 2136 296 MY PALM OIL OCT9 2135 -39.00 2128 2164 5872 MY PALM OIL NOV9 2156 -36.00 2152 2188 20096 CHINA PALM OLEIN SEP9 4608 -50.00 4592 4672 51808 CHINA SOYOIL SEP9 6022 -38.00 5986 6088 48938 CBOT SOY OIL OCT9 29.11 -0.14 29.07 29.27 258 INDIA PALM OIL AUG9 541.60 -7.30 540.30 547.3 1019 INDIA SOYOIL AUG9 757 -2.20 756.55 758.8 800 NYMEX CRUDE SEP9 55.37 +0.50 54.84 55.78 13711 Palm oil prices in Malaysian ringgit per tonne CBOT soy oil in U.S. cents per pound Dalian soy oil and RBD palm olein in Chinese yuan per tonne India soy oil in Indian rupee per 10 kg Crude in U.S. dollars per barrel ($1 = 4.1750 ringgit) ($1 = 71.4320 Indian rupees) ($1 = 7.0482 Chinese yuan) (Reporting by Emily Chow Editing by Rashmi Aich, Subhranshu Sahu and Mike Harrison )