Updates midday prices, adds trader's comment

KUALA LUMPUR, Nov 22 (Reuters) -Malaysian palm oil futures slipped on Friday and were headed fora second week of losses, weighed down by weak soybean prices and looming demand worries.

The benchmark palm oil contract FCPOc3 for February delivery on the Bursa Malaysia Derivatives Exchange slid 81 ringgit, or 1.7%, to 4,691 ringgit ($1,050.62) a metric ton at the midday break.

The crude palm oil futures opened lower due to weakening soybean oil prices and concerns about weaker demand in the coming weeks, said David Ng, a proprietary trader at Kuala Lumpur-based trading firm Iceberg X Sdn Bhd.

Dalian's most-active soyoil contract DBYcv1 fell 1.2%, while its palm oil contract DCPcv1 shed 0.91%. Soyoil prices on the Chicago Board of Trade BOcv1 slid 0.14%.

Palm oil tracks price movements of rival edible oils as it competesfor a share of the global vegetable oils market.

Oil prices soared afterRussia said it had fired a ballistic missile at Ukraine and warned of a broadening conflict, raising the prospect of tightening crude supplies. O/R

Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.

The ringgit MYR=, palm's currency of trade, weakened 0.11% against the U.S. dollar, making the commodity cheaper for buyers holding foreign currencies.

Indonesia's palm oil stocks climbed in September as exports and domestic consumption declined, while output slightlyimproved, data from the main palm oil industry association GAPKI showed.

Palm oil may retest support at 4,647 ringgit per metric ton, a break below which could open the way towards the 4,510-4,595 ringgit range, Reuters technical analyst Wang Tao said. TECH/C

($1 = 4.4650 ringgit)

Reporting by Ashley Tang; Editing by Savio D'Souza and Sumana Nandy

For a table on Malaysian physical palm oil prices, including refined oil, Reuters Terminal users can double click on or type OILS/MY01. * To view freight rates from Peninsula Malaysia/Sumatra to China, India, Pakistan and Rotterdam, please key in OILS/ASIA2 and press enter, or double click between the brackets. * Reuters Terminal users can see cash and futures edible oil prices by double clicking on the codes in the brackets: To go to the next page in the same chain, hit F12. To go back, hit F11. Vegetable oils OILS/ASIA1 Malaysian palm oil exports SGSPALM1 CBOT soyoil futures 0#BO: CBOT soybean futures 0#S: Indian solvent SOLVENT01 Dalian Commodity Exchange DC/MENU Dalian soyoil futures 0#DBY: Dalian refined palm oil futures 0#DCP: Zhengzhou rapeseed oil 0#COI: European edible oil prices/trades OILS/E