Updates closing price

KUALA LUMPUR, Oct 28 (Reuters) -Malaysian palm oil futures traded sideways onMonday, astechnical buying and a weaker ringgit limited its losses.

The benchmark palm oil contract FCPOc3 for January delivery on the Bursa Malaysia Derivatives Exchange fell 6ringgit, or 0.13%,to 4,530 ringgit ($1,039.47) a metric ton at the close. The contract declined 1.59% over two consecutive sessions.

The crude palm oil futures market recoveredfrom early losses at midday due totechnical buying and a weaker ringgit, a Kuala Lumpur-based trader said.

The ringgit MYR=, palm's currency of trade, weakened 0.48%against the dollar, making the commodity cheaper for buyers holding foreign currencies.

Dalian's most-active soyoil contract DBYcv1 fell 1.52%,while its palm oil contract DCPcv1 lost 1.13%.Soyoil prices on the Chicago Board of Trade BOcv1 were down 2.6%.

Palm oil tracks price movements of rival edible oils, as they compete for a share in the global vegetable oils market.

Oil prices tumbled by more than $4 a barrel after Israel's retaliatory strike against Iran at the weekend bypassed oil and nuclear facilities and did not disrupt energy supplies.O/R

Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.

($1 = 4.3580 ringgit)

Reporting by Ashley Tang; Editing by Subhranshu Sahu, Rashmi Aich and Vijay Kishore

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