VEGOILS-Palm in line to snap losing streak on weaker ringgit

* Palm fell for four straight days last week

* Market also up on correction - Trader

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

By Emily Chow

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

rose over 1 percent at the midday break on Monday, in line to

snap four previous days 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 1.2

percent at 2,173 ringgit ($520.23) a tonne at the midday break,

its strongest gain in two weeks.

Palm fell for four consecutive days last week, shedding 3.4

percent on a weekly basis.

Trading volumes stood at 11,841 lots of 25 tonnes each at

noon. (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 4.1770,

its weakest level since mid-November last year.

In other related oils, the Chicago December soybean oil

contract gained 0.3 percent, while the January soybean

oil contract on the Dalian Commodity Exchange edged down

0.04 percent.

The Dalian January palm oil contract dropped 0.5

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 0441 GMT

Contract Month Last Change Low High Volume

MY PALM OIL NOV8 2068 +22.00 2048 2068 282

MY PALM OIL DEC8 2124 +24.00 2103 2127 1939

MY PALM OIL JAN9 2173 +25.00 2150 2175 5440

CHINA PALM OLEIN JAN9 4652 -22.00 4624 4682 191774

CHINA SOYOIL JAN9 5676 -2.00 5650 5698 181350

CBOT SOY OIL DEC8 28.25 +0.09 28.11 28.28 3432

INDIA PALM OIL OCT8 0.00 +0.00 0.00 0 0

INDIA SOYOIL NOV8 0 +0.00 0 0 0

NYMEX CRUDE DEC8 67.59 +0.00 67.47 67.95 26888

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 = 4.1770 ringgit)

($1 = 6.9528 Chinese yuan)

($1 = 73.3550 Indian rupees)

(Reporting by Emily Chow; Editing by Rashmi Aich)