VEGOILS-Palm extends gains to hit nearly 17-month high

(Updates midday prices; adds analyst's comment) SINGAPORE, Oct 30 (Reuters) - Malaysian palm oil futures extended gains for a sixth straight session on Wednesday to hit a nearly 17-month high, as they tracked gains in China and rival oils. The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange traded up 2% at 2,465 ringgit ($589.29) per tonne by midday. This was the highest since May 25 last year, when palm oil traded as high as 2,482 ringgit per tonne. The rally is due to strength in palm oil on the Dalian Commodities Exchange, which has been surging to record highs in the past week, a Kuala Lumpur-based trader told Reuters. Dalian's January palm oil contract on Wednesday last traded 1.7% higher at a record 5,212 yuan ($737.76) per tonne. Palm oil on the Dalian has been surging on higher logistic costs, which drove Chinese traders to purchase domestic palm instead of imports. Dalian's soyoil contract also rose on Wednesday by 0.3%. Elsewhere, U.S. soyoil futures on the Chicago Board of Trade was 0.2% higher. Palm oil is affected by price movements in related oils as they compete for share in the global vegetable oils market. Helping with the rally was also a weaker ringgit which fell 0.1% against the dollar on Wednesday. This made the edible oil cheaper for holders of foreign currency. Palm oil FCPOc3 may break a resistance at 2,461 ringgit per tonne, and rise to 2,515 ringgit, driven by a wave C, Reuters analyst Wang Tao said. Palm, soy and crude oil prices at 0440 GMT Contract Month Last Change Low High Volume MY PALM OIL JAN0 2376 +36.00 2368 2376 65 MY PALM OIL DEC9 2414 +50.00 2398 2417 886 MY PALM OIL JAN0 2465 +48.00 2445 2469 11152 CHINA PALM JAN0 5212 +86.00 5092 5246 145285 OLEIN 8 CHINA SOYOIL JAN0 6240 +18.00 6194 6284 654444 CBOT SOY OIL DEC9 31.05 +0.05 30.92 31.08 3453 INDIA PALM OCT9 578.00 +1.50 578.0 579.7 29 OIL 0 INDIA SOYOIL NOV9 769 +1.50 768.7 770.7 1540 NYMEX CRUDE DEC9 55.26 -0.28 55.21 55.56 17486 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 = 4.1830 ringgit) ($1 = 7.0646 Chinese yuan renminbi) (Reporting by Fathin Ungku; editing by Rashmi Aich)