Update with closing prices

JAKARTA, Aug 19 (Reuters) -Malaysian palm oil futures recovered on Monday, paring some losses in the previous session on bargain hunting.

The benchmark palm oil contract FCPOc3 for November delivery on the Bursa Malaysia Derivatives Exchange was up 40 ringgit, or 1.09%, at 3,721 ringgit ($849.93) a metric ton at closing.

The contract lost 1.79% last week, its fourth consecutive weekly drop.

"Palm oil futures is supported by bargain hunting after found support above 3,663 ringgit a ton but firm ringgit may limit upside," a Kuala Lumpur-based trader said.

Malaysian ringgit, the contract currency of trade, strengthened 1.09%against the U.S. dollar on Monday, its highest closingsince mid-February 2023. A stronger ringgit made the contract less attractive for foreign currency holders.

Dalian's most-active soyoil contract DBYcv1 lost 0.11%,while its palm oil contract DCPcv1 gained 0.66%.Soyoil prices on the Chicago Board of Trade BOc2 was down 0.33%.

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

Indonesia has revised its rules on its palm oil domestic market obligation (DMO) scheme, raising the price cap in a bid to improve supplies of cheap cooking oil, while lowering domestic distribution target to 250,000 tons monthly.

($1 = 4.3780 ringgit)

Reporting by Bernadette Christina; Editing by Sherry Jacob-Phillips, Rashmi Aich and Louise Heavens

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