Updated with midday break prices, comment on paragraph 3

By Dewi Kurniawati

JAKARTA, Nov 5 (Reuters) -Malaysian palm oil futures fell on Tuesday after four consecutive sessions of gains, dragged downby profit taking ahead of the Indonesian Palm Oil Association (GAPKI) conference later this week.

The benchmark palm oil contract FCPOc3 for January delivery on the Bursa Malaysia Derivatives Exchange lost 41 ringgit, or 0.84%, to 4,850 ringgit ($1,110.86) a metric ton by the midday break.

"We are seeing some bout of profit taking today before the GAPKI conference. Overall palm's fundamentals look relatively stable," said Paramalingam Supramaniam, director at Selangor-based brokerage Pelindung Bestari.

The Indonesian Palm Oil Conference 2024 and 2025 Price Outlook is scheduled for Nov. 6-8 in Bali.

Dalian's most-active soyoil contract DBYcv1 fell 0.69%, while its palm oil contract DCPcv1 declined 0.97%. Soyoil prices on the Chicago Board of Trade BOcv1 inched higher 0.07%.

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

The ringgit MYR=, palm's currency of trade, strengthened 0.09% against the U.S. dollar, making the oil more expensive for buyers holding foreign currencies.

Oil prices were rangeboundahead of what is expected to be an exceptionally close U.S. presidential election. It was upmore than 2% on Monday asOPEC+ delayed plans to hike production in December. O/R

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

Cargo surveyors' estimatesshowed exports of Malaysian palm oil products rose between 11.5% and 13.7% in October, compared with a month earlier.

Indonesia raised its crude palm oil reference price for November to $961.97 per metric ton from $893.64 in October, a trade ministry official told Reuters. The new price will put the export tax for November at $124 per ton.

Palm oil FCPOc3 may retrace into the 4,747-4,791 ringgit permetric ton range, following its failure to break resistance at 4,883 ringgit, according to Reuters' technical analyst Wang Tao. TECH/C

($1 = 4.3660 ringgit)

Reporting by Dewi Kurniawati; Editing by Subhranshu Sahu and Sumana Nandy

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