VEGOILS-Palm gains as much as 2 pct on weaker ringgit, correction

* Palm fell for four straight days last week

* Market rises to three day top of 2,193 rgt/T

* Palm may hover above 2,138 rgt/t - Technicals

(Updates with closing prices)

By Emily Chow

KUALA LUMPUR, Oct 29 (Reuters) - Malaysian palm oil futures

rose as much as 2 percent on Monday, snapping four previous

sessions of declines, on the back of a weaker ringgit and

a technical correction.

The benchmark palm oil contract for January delivery

on the Bursa Malaysia Derivatives Exchange was up 1.8

percent at 2,187 ringgit ($523.46) a tonne at the end of the

trading day, its strongest daily gain in two weeks.

It earlier rose to an intraday peak of 2,193 ringgit, also

its highest levels in three days.

Palm fell for four consecutive days last week, shedding 3.4

percent on a weekly basis.

Trading volumes stood at 32,106 lots of 25 tonnes each at

the close of trade. (1FCPO-TOT)

"The market is pretty oversold, while the ringgit is getting

weaker," said a Kuala Lumpur-based futures trader.

A weaker ringgit, palm's currency of trade, typically makes

the edible oil cheaper for foreign buyers.

The ringgit has lost nearly 1 percent against the dollar so

far this month. It last eased 0.1 percent on Monday to 4.1780,

its weakest level since mid-November last year.

In other related oils, the Chicago December soybean oil

contract gained 0.6 percent, while the January soybean

oil contract on the Dalian Commodity Exchange edged up

0.4 percent.

The Dalian January palm oil contract dropped 0.04

percent.

Palm oil prices are affected by movements of other edible

oils as they compete for a share in the global vegetable oil

market.

Palm oil may hover above a support at 2,138 ringgit per

tonne and seek a chance to bounce into a range of 2,162-2,182

ringgit, said Wang Tao, a Reuters market analyst for commodities

and energy technicals.

Palm, soy and crude oil prices at 1030 GMT

Contract Month Last Change Low High Volume

MY PALM OIL NOV8 2075 +29.00 2048 2080 620

MY PALM OIL DEC8 2137 +37.00 2103 2142 4427

MY PALM OIL JAN9 2189 +41.00 2150 2193 15334

CHINA PALM OLEIN JAN9 4672 -2.00 4624 4686 303160

CHINA SOYOIL JAN9 5700 +22.00 5650 5708 284384

CBOT SOY OIL DEC8 28.32 +0.16 28.11 28.35 6097

INDIA PALM OIL OCT8 575.30 +8.10 569.00 575.9 795

INDIA SOYOIL NOV8 756.2 +5.05 750.8 757 12430

NYMEX CRUDE DEC8 67.29 -0.30 66.93 67.95 93355

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 = 4.1780 ringgit)

($1 = 6.9565 Chinese yuan)

($1 = 73.4300 Indian rupees)

(Reporting by Emily Chow; Editing by Rashmi Aich and Louise

Heavens)