VEGOILS-Palm edges up for fifth straight session; rival soyoil rises

SINGAPORE, Oct 10 (Reuters) - Malaysian palm oil futures rose for a fifth consecutive session on Thursday tracking gains in palm and rival soyoil on China's Dalian Commodity Exchange. The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange was up 0.3% at 2,203 ringgit ($525.65) per tonne at 0300 GMT. The January palm oil contract on the Dalian exchange rose 0.4% on Thursday, while the January soyoil contract on the Dalian exchange also climbed 0.4%. Palm also jumped on short-covering ahead of an expected increase in Malaysian palm oil stockpiles, traders said. Official palm oil data will be published by the Malaysian Palm Oil Board (MPOB) ‪after 0430 GMT on Thursday. In other related edible oils, U.S. soyoil futures on the U.S. Chicago Board of Trade was last up 0.4%. Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market. FUNDAMENTALS * Palm oil may break a resistance at 2,205 ringgit per tonne, and rise to 2,223 ringgit, said Wang Tao, a Reuters market analyst for commodities and energy technicals. * Chicago soybean futures slid on Thursday after climbing to their highest in almost three months although expectations of Chinese buying of U.S. supplies provided a floor under the market. * Oil prices slid as hopes faded for any significant progress in U.S.-China trade talks that could dispel clouds over the global economy and gloom over prospects for weaker oil demand. MARKET NEWS * Global stocks recouped early losses as news reports raised hopes that the United States and China would settle some economic disputes, but investors were kept on edge by an earlier report that trade talks due to begin on Thursday could be cut short. * Wall Street rose on Wednesday on hopes of progress in U.S.-China trade talks, though stocks pared gains late after Chinese officials said Beijing had lowered expectations for negotiations this week. * The yen rose and the yuan fell, after a news report said deputy-level trade talks between Chinese and U.S. officials in Washington had failed to make much headway, sending investors scurrying for safety. DATA/EVENTS AHEAD (GMT) 0830 UK GDP Estimate 3M/3M Aug 0830 UK GDP Estimate MM, YY Aug 0830 UK Manufacturing Output MM Aug 1200 Brazil Retail Sales YY Aug 1230 US CPI MM, SA Sept 1230 US Initial Jobless Claims weekly Palm, soy and crude oil prices at 0300 GMT Contract Month Last Change Low High Volume MY PALM OIL OCT9 0 +0.00 0 0 0 MY PALM OIL NOV9 2167 +6.00 2155 2170 210 MY PALM OIL DEC9 2203 +7.00 2190 2206 4056 CHINA PALM OLEIN JAN0 4784 +18.00 4758 4824 342218 CHINA SOYOIL JAN0 5984 +6.00 5962 6016 285962 CBOT SOY OIL DEC9 29.74 +0.03 29.55 29.78 2946 INDIA PALM OIL OCT9 0.00 +0.00 0.00 0 0 INDIA SOYOIL OCT9 757.9 -3.15 756.85 761 6750 NYMEX CRUDE NOV9 52.43 -0.16 51.38 52.72 50824 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 = 4.1915 ringgit) ($1 = 71.1100 Indian rupees) ($1 = 7.1129 Chinese yuan) (Reporting by Fathin Ungku; editing by Uttaresh.V)