13/07/2017 (Times of India) - * Palm up 0.4 pct for the week so far * Market drop at midday sharpest in 3 weeks * Palm may slide more to 2,551 rgt/T - Technicals By Emily Chow KUALA LUMPUR, July 13 (Reuters) - Malaysian palm oil futures fell in early trade on Thursday and were set for a third straight session of losses, tracking weaker edible oils such as soyoil on the Chicago Board of Trade (CBOT). Declines in soyoil and palm olein on China's Dalian Commodity Exchange also weighed on palm prices. The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange fell 0.7 percent to 2,563 ringgit ($597.85) at the midday break, its sharpest drop so far since June 21. Traded volumes stood at 15,605 lots of 25 tonnes each at noon on Thursday. "The market is seeing some downside correction on weakness in soybean oil and China's palm olein," said a futures trader from Kuala Lumpur. Palm take cues from movements in related edible oils, as they compete for a share in the global vegetable oils market. It had climbed to its highest in seven weeks during Tuesday's trade before it fell tracking CBOT and Dalian soyoil, and is up 0.4 percent for the week so far. The December soybean oil contract on the Chicago Board of Trade declined 1 percent on Thursday, in line with the drop in soybean prices which fell on the back of profit taking after dry weather in the U.S. caused a rally. In other related oils, the September soybean oil on the Dalian Commodity Exchange was down 0.9 percent, while the September palm olein dropped 0.8 percent. The palm oil September contract may slide more to 2,551 ringgit per tonne, according to Reuters market analyst for commodities and energy technicals Wang Tao. Palm, soy and crude oil prices at 0550 GMT Contract Month Last Change Low High Volume MY PALM OIL JUL7 2665 -14.00 2665 2665 8 MY PALM OIL AUG7 2615 -13.00 2601 2616 1398 MY PALM OIL SEP7 2563 -18.00 2555 2570 7994 CHINA PALM OLEIN SEP7 5454 -42.00 5432 5508 285134 CHINA SOYOIL SEP7 6098 -52.00 6070 6160 276136 CBOT SOY OIL DEC7 33.68 -0.31 33.6 33.95 6800 INDIA PALM OIL JUL7 484.70 -4.30 483.80 488 303 INDIA SOYOIL JUL7 639.6 -3.95 639.25 641 780 NYMEX CRUDE AUG7 45.38 -0.11 45.24 45.54 22208 Palm oil prices in Malaysian ringgit per tonne CBOT soy oil in U.S. cents per pound Dalian soy oil and RBD palm olein in Chinese yuan per tonne India soy oil in Indian rupee per 10 kg Crude in U.S. dollars per barrel ($1 = 4.2870 ringgit) ($1 = 64.4300 Indian rupees) ($1 = 6.7781 Chinese yuan)