JAKARTA, Feb 26 (Reuters) - Malaysian palm oil futures traded in a tight range on Wednesday, as weakness in rival oils on the Dalian and Chicago markets dragged prices lower and low production estimates for February lent some support.

The benchmark palm oil contract FCPOc3 for May delivery on the Bursa Malaysia Derivatives Exchange lost 7 ringgit, or 0.15%, to 4,558 ringgit ($1,031.92) a metric ton by 0244 GMT.

The contract traded between 4,546-4,588 ringgit a ton in early trade.

FUNDAMENTALS

* Dalian's most-active soyoil contract DBYcv1 lost 1.23%, while its palm oil contract DCPcv1 slipped 0.5%. Soyoil prices on the Chicago Board of Trade (CBOT) BOc2 fell 0.52%.

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

* Exports of Malaysian palm oil products in the February 1-25 period are estimated to drop by 2.7%, according to cargo surveyor Intertek Testing Services. However, independent inspection company AmSpec Agri Malaysia estimated exports rose 1.2% month-on-month.

* By the end of February, Malaysia's palm oil stocks are set to drop to 1.5 million metric tons, lowest in nearly two years, as floods hit production and the Ramadan festival boosted demand, a senior regulatory official told Reuters.

* Palm oil supplies will likely remain tight for the next two to three months as floods have affected production in the world's top two producers, Indonesia and Malaysia, a leading palm oil producer told Reuters.

* Palm oil FCPOc3 may retest the resistance zone of 4,608-4,625 ringgit per metric ton, as the bounce triggered by support at 4,542 ringgit looks incomplete. TECH/C

DATA/EVENTS

0500 Japan Leading Indicator Revised Dec

1500 US New Home Sales-Units Jan

($1 = 4.4170 ringgit)

(Reporting by Bernadette Christina; Editing by Sumana Nandy)

((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.
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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