* Palm declines after gains in early trade

* Market declines as Dalian comes off, and on weaker export data - Trader

21/10/2016 (Reuters) - Malaysian palm oil gave up its early gains on Thursday, declining towards the end of the trading day as rallies of rival vegetable oils on China's Dalian Commodity Exchange slowed and palm export demand weakened.

Benchmark palm oil futures for January on the Bursa Malaysia Derivatives Exchange fell 0.5 percent to 2,718 ringgit ($650) a tonne on Thursday evening.

Traded volumes stood at 46,212 lots of 25 tonnes each at the end of the trading day.

Palm climbed to its highest levels in two-and-a-half years on Tuesday before droppin sharply on a correction in late session.

Palm was up on Thursday morning, tracking a surge in palm and soyoil on Dalian, as they both hit over two-year highs.

Chinese commodities surged on Monday on short-covering over new regulatory rules to curb risk and speculation in structured products, which had pumped billions of dollars into the commodity futures markets.

Palm oil prices are impacted by the movements of related oils such as palm olein and soyoil futures, as they compete for a share in the global vegetable oils market.

Dalian gains softened in the evening, helping to drag down palm prices. The January soybean oil contract on China's Dalian Commodity Exchange rose 0.5 percent, while the January contract for palm olein on China's Dalian Commodity Exchange gained 0.3 percent.

"Dalian came off towards the evening, and exports were down from cargo surveyor data," said a trader from Kuala Lumpur, referring to data releases from Intertek Testing Services and Societe Generale d Surveillance on Thursday.

Palm oil shipments from Malaysia fell about 12 percent from Oct. 1-20 period from the corresponding period in the previous month.

In other related oils, the December soybean oil contract on the Chicago Board of Trade was down 0.4 percent.

Palm, soy and crude oil prices at 1100 GMT

Contract Month Last Change Low High Volume

MY PALM OIL NOV6 2755 +5.00 2733 2770 546

MY PALM OIL DEC6 2722 -9.00 2701 2756 8080

MY PALM OIL JAN7 2720 -14.00 2699 2756 25267

CHINA PALM OLEIN JAN7 5796 +16.00 5766 5880 1169530

CHINA SOYOIL JAN7 6630 +30.00 6630 6738 859546

CBOT SOY OIL DEC6 35.25 -0.15 35.15 35.63 8966

INDIA PALM OIL OCT6 537.10 -1.50 535.2 540.5 12150

INDIA SOYOIL OCT6 657.7 -1.05 657.7 664 650

NYMEX CRUDE NOV6 51.03 -0.57 50.98 51.58 1663

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 = 4.1810 ringgit)
($1 = 66.8200 Indian rupees)
($1 = 6.7371 Chinese yuan)