07/12/2012 (Reuters) - * Palm hits lowest in nearly five months at 2,506 rgt

  * Palm down 3 pct so far this week

  * Palm may test support at 2,519 rgt/tonne - Technicals

    By Emily Chow

    KUALA LUMPUR, Dec 7 (Reuters) - Malaysian palm oil futures extended falls into a fourth session on Thursday and hit their lowest in nearly five months, tracking weakness in related edible oils.

    The benchmark palm oil contract for February delivery  on the Bursa Malaysia Derivatives Exchange was down 0.4 percent at 2,525 ringgit ($618.72) a tonne at the midday break.

    Earlier in the session, it dropped as much as 1.1 percent to its lowest since July 19 at 2,506 ringgit. It has shed about 3 percent so far this week, heading for a sixth straight weekly fall, and declined about 10 percent since Nov. 1.

    Traded volumes stood at 11,960 lots of 25 tonnes each at Thursday noon.

    "We're seeing some spillover from the overnight drop in soyoil on the Chicago Board of Trade," said a Kuala Lumpur-based trader.

    Heavy losses on Dalian may extend palm's downside, said another trader.

    Palm oil prices are affected by movements in other edible oils as they compete for a share of the global vegetable oils market.

    The January soybean oil contract on the Chicago Board of Trade fell 1 percent in the previous session, in line with a broad downturn seen in many commodities, as the U.S. dollar strengthened.

    It was last down 0.03 percent at 0430 GMT on Thursday.

    In other related oils, the January soybean oil contract on the Dalian Commodity Exchange fell 1.2 percent, while the Dalian January palm olein contract declined 1.3 percent.

    Palm oil may test a support at 2,519 ringgit per tonne, a break below which could cause a loss to the next support at2,491 ringgit, said Wang Tao, a Reuters market analyst for commodities and energy technicals.

    Palm, soy and crude oil prices at 0433 GMT

 Contract                      Month      Last       Change     Low       High       Volume

 MY PALM OIL             DEC7       2440     +5.00        2435       2441         70

 MY PALM OIL             JAN8        2497      -10.00      2478       2501        336

 MY PALM OIL             FEB8        2525      -10.00      2506       2530       5950

 CHINA PALM OLEIN   MAY8      5336       -68.00      5292       5388       292570

 CHINA SOYOIL            MAY8     5920       -70.00      5876       5990       290058

 CBOT SOY OIL           JAN8       33.16      +0.00       33.01      33.23       3376

 INDIA PALM OIL          DEC7      574.00    -0.30       574.00    574.9       10

 INDIA SOYOIL             DEC7       0            +0.00       0             0              0

 NYMEX CRUDE          JAN8       56.17      +0.21       55.99      56.19      19502

 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 = 4.0810 ringgit)

($1 = 64.5050 Indian rupees)

($1 = 6.6132 Chinese yuan)