VEGOILS-Palm oil rebounds on weaker ringgit, short covering

* Market gains after three earlier losing sessions

* Ringgit falls to weakest level since Nov. 2017

(Updates with closing prices)

By Emily Chow

KUALA LUMPUR, Aug 14 (Reuters) - Malaysian palm oil futures

rebounded from losses earlier in the day to chart a first day of

gains in four sessions, lifted by a weaker ringgit and

some short covering, traders said.

The benchmark palm oil contract for October delivery

on the Bursa Malaysia Derivatives Exchange edged up

0.4 percent to 2,213 ringgit ($540.42) a tonne at the close of

trade.

Palm had declined to a one-week low in its previous session

when it recorded its sharpest daily decline in a month.

Trading volumes stood at 43,246 lots of 25 tonnes each at

the end of the trading day. (1FCPO-TOT)

"The ringgit's weakness along with short covering gave the

market some support above 2,200 ringgit," said a Kuala

Lumpur-based trader.

A weaker ringgit, palm's traded currency, usually makes the

edible oil cheaper for holders of foreign currencies. The

ringgit fell 0.1 percent against the dollar on Tuesday to its

lowest levels since November 2017.

Palm oil prices were down earlier in the day on the back of

weak demand, said traders, and also on concerns that a sharp

drop in the Indian rupee would dampen exports.

India's palm oil imports slumped 33 percent in July from a

year earlier to 550,180 tonnes as higher duties and a

depreciating rupee made imports more expensive, a leading trade

body said on Tuesday.

India is the world's biggest importer of edible oils, and a

depreciating local currency reduces its ability to buy palm oil.

The Indian rupee on Monday touched an all-time low of 69.62 per

dollar in early trade tracking other weaker emerging market

currencies and on concerns of a spill-over from a crisis-hit

Turkey.

It was last up 0.2 percent at 69.89 against the dollar by

Tuesday evening.

Malaysia's palm oil exports rose 6.8 percent in July from

June to 1.21 million tonnes, according to industry regulator

data.

In other related oils, the Chicago December soybean oil

contract was down 0.6 percent, while the January soybean

oil contract on China's Dalian Commodity Exchange gained

0.5 percent.

Meanwhile, the Dalian January palm oil contract

edged up 0.5 percent.

Palm oil prices are affected by movements of other edible

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

market.

Palm, soy and crude oil prices at 1127 GMT

Contract Month Last Change Low High Volume

MY PALM OIL AUG8 2140 +9.00 2140 2150 10

MY PALM OIL SEP8 2199 +9.00 2182 2201 1045

MY PALM OIL OCT8 2212 +9.00 2195 2217 16865

CHINA PALM OLEIN JAN9 4890 -26.00 4886 4932 227990

CHINA SOYOIL JAN9 5864 +30.00 5822 5882 317412

CBOT SOY OIL DEC8 28.51 +0.00 28.48 28.65 6416

INDIA PALM OIL AUG8 593.10 -2.80 592.20 596.7 467

INDIA SOYOIL AUG8 731 -2.80 726.5 734.2 4420

NYMEX CRUDE SEP8 68.00 +0.80 67.35 68.01 97322

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 = 4.0950 ringgit)

($1 = 69.8200 Indian rupees)

($1 = 6.8819 Chinese yuan)

(Reporting by Emily Chow; Editing by Sunil Nair and Adrian

Croft)