VEGOILS-Palm trades sideways as stronger ringgit counters support from Dalian rivals

JAKARTA, Feb 4 (Reuters) - Malaysian palm oil futures traded sideways in early deals on Wednesday, as a weaker Chicago soyoil and a stronger ringgit countered support from gains in Dalian vegetable oils. The benchmark palm oil contract (FCPOc3) for April delivery on the Bursa Malaysia Derivatives Exchange was down 12 ringgit, or 0.28%, at 4,203 ringgit ($1,071.92) a metric ton, as of 0238 GMT. The contract traded in a range of 4,201 ringgit to 4,255 ringgit. FUNDAMENTALS Dalian’s most-active soyoil contract (DBYcv1) gained 0.25%, while its palm oil contract (DCPcv1) rose 0.4%. Soyoil prices on the Chicago Board of Trade (BOc2) were down 0.31%. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. The Malaysian ringgit, the contract currency of trade, strengthened 0.23% against the U.S. dollar, making palm oil more expensive for foreign currency holders. Exports of Malaysian palm oil products were expected to have risen between 14.9% and 17.9% month-on-month in January, according to data from inspection company AmSpec Agri Malaysia and cargo surveyor Intertek Testing Services. India’s palm oil imports surged 51% in January to a four-month high, as the tropical oil’s discount to rival soyoil prompted refiners to ramp up purchases while cutting soyoil imports to a 19-month low, according to five dealers. Oil prices rose on Wednesday, extending the previous day’s gains, after the U.S. shot down an Iranian drone and armed Iranian boats approached a U.S.-flagged vessel in the Strait of Hormuz, rekindling fears of an escalation in tension between Washington and Tehran. (O/R) Palm oil may test support at 4,201 ringgit per ton, a break below which may trigger a fall into the 4,115 ringgit to 4,158 ringgit range, according to Reuters technical analyst Wang Tao. (TECH/C) MARKET NEWS Asian stocks were on shaky ground on Wednesday, following steep losses in U.S. and European equities on fears that advancements in artificial intelligence could supplant traditional software. (MKTS/GLOB) DATA/EVENTS 0850 France HCOB Composite, Services PMI Jan 0855 Germany HCOB Services PMI Jan 0855 Germany HCOB Composite Final PMI Jan 0900 EU HCOB Services, COmposite Final PMI Jan 0930 UK S&P Global PMI: Composite - Output Jan 0930 UK Reserve Assets Total Jan 1000 EU HCIP Flash YY Jan 1000 EU HCIP-X F, E, A, T Flash MM, YY Jan 1445 US S&P Global Comp, Svcs PMI Final Jan 1500 US ISM N-MFg PMI Jan ($1 = 3.9210 ringgit) cpo