Update prices, add analyst comments

JAKARTA, June 21 (Reuters) -Malaysian palm oil futures were on track for a third consecutive weekly fall as the market retreated on Friday after two sessions of gains, tracking weakness in rival vegetable oils.

The benchmark palm oil contract FCPOc3 for September delivery on the Bursa Malaysia Derivatives Exchange had fallen 43 ringgit, or 1.09%, to 3,916 ringgit ($831.07) a metric ton by the midday break. The contract was down 0.76% for the week.

"Crude palm oil futures traded lower on weekend profit-taking after posting two consecutive days of gains. Losses in related vegetable oil futures on the Dalian exchange were also weighing down on CPO futures," said Sathia Varqa, senior analyst with Fastmarkets Palm Oil Analytics.

Market participants are now waiting for production estimates for the June 1-20 period to assess end-month inventory, he added.

Exports of Malaysian palm oil products for June 1-20 fell between 8.1% and 12.9% from May 1-20, independent inspection company AmSpec Agri Malaysia and Intertek Testing Services said, better than the estimates for the June 1-15 period.

Meanwhile, cargo surveyor Societe Generale de Surveillance (SGS) projected exports at 737,717 metric tons compared with 647,353 tons shipped during May 1-20, according to LSEG.

Dalian's most-active soyoil contract DBYcv1 was down 0.91%, while its palm oil contract DCPcv1 slid 0.6%. Soyoil prices on the Chicago Board of Trade BOc2 were down 0.41%.

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

Palm oil seems neutral in a narrow range of 3,927-3,965 ringgit per ton, and an escape could suggest a direction, Reuters technical analyst Wang Tao said. TECH/C

($1 = 4.7120 ringgit)

Reporting by Bernadette Christina; Editing by Sonia Cheema and Subhranshu Sahu

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