JAKARTA, Feb 24 (Reuters) - Malaysian palm oil futures slipped on Monday, tracking weaker rival oils in the Dalian and Chicago markets.

The benchmark palm oil contract FCPOc3 for May delivery on the Bursa Malaysia Derivatives Exchange lost 56 ringgit, or 1.2%, to 4,608 ringgit ($1,046.80) a metric ton in early trade.

FUNDAMENTALS

* Dalian's most-active soyoil contract DBYcv1 was down 0.32%, while its palm oil contract DCPcv1 lost 1.79%. Soyoil prices on the Chicago Board of Trade BOc2 were down 0.57%.

* Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market.

* Malaysian palm oil exports to China will "remain resilient" this year despite their premium over rival oils and Chinese consumers' shifting buying patterns, deputy commodities minister Chan Foong Hin said.

* India is likely to raise import taxes on vegetable oils for the second time in less than six months to help support thousands of oilseed farmers reeling from a crash in domestic oilseed prices, two government sources said on Friday.

* Indian refiners have cancelled orders for 70,000 tons of crude palm oil scheduled for delivery between March and June because of a surge in benchmark Malaysian prices and negative refining margins in India, four trade sources said.

* Palm oil may fall to 4,583 ringgit per metric ton, following its failure to break resistance and a drop below a rising channel. TECH/C

MARKET NEWS

* European shares steadied on Monday as Germany's election produced no nasty surprise, while Wall Street futures firmed on hopes results from AI diva Nvidia this week would justify the tech sector's sky-high valuations. MKTS/GLOB

DATA/EVENTS

0900 Germany Ifo Business Climate New, Ifo Curr Conditions New, Ifo Expectations New Feb

1000 EU HICP Final MM, HICP Final YY Jan

($1 = 4.4020 ringgit)

(Reporting by Bernadette Christina; Editing by Varun H K)

((Bernadette.christina@Thomsonreuters.com))

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