Malaysian palm oil futures edged lower on Friday as traders locked in profits after a recent strong performance, though the benchmark was poised for a modest weekly gain. The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange fell 0.20% to 4,988 ringgit ($1,193.02) during early trade on Friday. FUNDAMENTALS * Malaysia"s palm oil production is expected to slow down as the peak season ends while the moonsoons bring in more rainfall. * Exports from the world"s second-largest producer during Nov. 1-15 jumped as much as 29% from the previous month, cargo surveyors earlier this week. * Dalian"s most-active soyoil contract gained 0.79%, while its palm oil contract rose 1.65%. Soyoil prices on the Chicago Board of Trade were up 0.39%. * Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market. * Palm oil may rise into a range of 5,048 ringgit to 5,101 ringgit per tonne, driven by a wave c, Reuters technical analyst Wang Tao said. tech/c tech/c MARKET NEWS * Oil prices steadied on Friday as investors paused for breath following a day of wild swings prompted by the prospect of coordinated action by the world"s major economies to release official crude reserves from stocks. * Asian shares fell on Friday as disappointing earnings from Chinese e-commerce giant Alibaba heightened worries about Beijing"s broad regulatory crackdown and slowing growth in the world"s second-biggest economy. DATA/EVENTS 0700 UK Retail Sales MM, YY Oct 0700 UK Retail Sales Ex-Fuel MM Oct ($1 = 4.1810 ringgit)