VEGOILS-Palm oil extends gains on weaker ringgit

* Palm posts second day of gains

* Slight strength in U.S. soyoil also supports -trader

* Palm could test resistance at 2,466 rgt/T -technicals

(Updates with closing prices)

By Emily Chow

KUALA LUMPUR, May 15 (Reuters) - Malaysian palm oil futures

rose on Tuesday evening for a second straight session of gains,

supported by a weaker ringgit and slight strength in CBOT

soyoil futures.

Weakness in the ringgit typically boosts demand by making

the tropical oil cheaper for holders of foreign currencies. The

ringgit weakened by 0.15 percent to 3.9540 per dollar at the end

of the trading day.

The benchmark palm oil contract for July delivery

on the Bursa Malaysia Derivatives Exchange was up 0.7 percent at

2,432 ringgit ($615.07) a tonne at the close of trade.

Palm oil jumped nearly 3 percent to a one-month high in

intraday trade on Monday, the first session of trade since the

stunning election defeat of a coalition that ruled the country

for six decades. It closed with a gain of 1.5 percent.

Trading volume stood at 49,160 lots of 25 tonnes each on

Tuesday evening.

"The ringgit was still weak and a positive CBOT soyoil also

lent a helping hand," said a futures trader in Kuala Lumpur.

The market rose despite reports of weaker exports of

Malaysian palm oil products on Tuesday, traders said.

Exports for May 1-15 fell 14.9 percent from a month earlier,

said inspection company AmSpec Agri Malaysia.

Cargo surveyor Societe Generale de Surveillance, meanwhile,

reported a 13.7 percent drop for the same period.

Palm oil could retest resistance at 2,466 ringgit a tonne, a

break above which could lead to a gain to the next resistance at

2,475 ringgit, said Reuters market analyst for commodities and

energy technicals, Wang Tao.

In related oils, the Chicago July soybean oil contract

edged up by 0.1 percent while September soybean oil on

China's Dalian Commodity Exchange was down 0.7 percent.

The Dalian September palm oil contract slipped by

0.2 percent.

Palm oil is affected by movements in rival edible oils

competing for a share in the global vegetable oils market.

Palm, soy and crude oil prices at 1103 GMT

Contract Month Last Change Low High Volume

MY PALM OIL MAY8 2374 +4.00 2374 2374 7

MY PALM OIL JUN8 2425 +18.00 2402 2435 4021

MY PALM OIL JUL8 2437 +16.00 2407 2437 18969

CHINA PALM OLEIN SEP8 5074 -12.00 5066 5104 258780

CHINA SOYOIL SEP8 5766 -42.00 5748 5812 323488

CBOT SOY OIL JUL8 31.29 +0.04 31.17 31.36 4572

INDIA PALM OIL MAY8 659.40 +0.00 656.00 660 568

INDIA SOYOIL MAY8 758.3 +0.20 754.95 759.5 4070

NYMEX CRUDE JUN8 71.60 +0.64 70.79 71.69 160597

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 = 3.9540 ringgit)

($1 = 67.8900 Indian rupees)

($1 = 6.3555 Chinese yuan)

(Reporting by Emily Chow

Editing by Subhranshu Sahu and David Goodman

)