Update prices, add analyst comments

JAKARTA, Aug 20 (Reuters) -Malaysian palm oil futures slipped on Tuesday, as market participants waited for new leads from the August export data, while a weak Chicago soyoil contract and a stronger ringgit weighed.

The benchmark palm oil contract FCPOc3 for November delivery on the Bursa Malaysia Derivatives Exchange lost 4 ringgit or 0.11% at 3,717 ringgit ($850.18) a metric ton by the midday break.

Crude palm oil is likely to trade in a range of 3,700 to 3,7500 ringgit, while export and production data are awaited, a Kuala Lumpur-based trader said.

The contract traded in a range of 3,702 to 3,737 ringgit early in the session. Cargo surveyors are expected to publish export data for Aug. 1-20 later in the day.

Cargo surveyors estimated exports of Malaysian palm oil products during Aug. 1-15 fell between 15.8% to 22.3% compared to the same period last month.

Dalian's most-active soyoil contract DBYcv1 rose 0.68%, while its palm oil contract DCPcv1 gained 0.98%. Soyoil prices on the Chicago Board of Trade BOc2 edged 0.05% lower.

Palm oil tracks price movements of related oils as it competes with them for a share of the global vegetable oils market.

The ringgit, the contract's currency of trade, strengthened 0.18% against the U.S. dollar to its highest since mid-February 2023, making the contract less attractive for foreign currency holders.

Palm oil may test resistance at 3,764 ringgit per metric ton, a break above which could confirm both a target of 3,809 ringgit and an inverted head-and-shoulders, Reuters technical analyst Wang Tao said. TECH/C

($1 = 4.3720 ringgit)

Reporting by Bernadette Christina; Editing by Savio D'Souza and Varun H K

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Vegetable oils OILS/ASIA1
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CBOT soyoil futures 0#BO:
CBOT soybean futures 0#S:
Indian solvent SOLVENT01
Dalian Commodity Exchange DC/MENU
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Dalian refined palm oil futures 0#DCP:
Zhengzhou rapeseed oil 0#COI:
European edible oil prices/trades OILS/E