VEGOILS-Palm falls 1.3% on lacklustre export outlook, profit-taking

SINGAPORE, Dec 2 (Reuters) - Malaysian palm oil futures fell more than 1% on Monday, after hitting a two-year high in the previous session, as lacklustre export data clouded outlook and as traders booked profit. The benchmark palm oil contract on the Bursa Malaysia Derivatives Exchange was down 1.3% at 2,709 ringgit ($649.64) per tonne in early trade, after rising as much as 2,744 ringgit in the previous session. "There was some technical correction due to overbuying in the previous session and weak exports weighed on prices," said a Kuala Lumpur-based trader. Malaysia's November palm oil exports are seen down 7.4% from a month earlier, cargo surveyor Amspec Malaysia said on Saturday. Palm oil prices tracked rival oils lower. Dalian's January soyoil contract was 0.9% lower, while soyoil on the Chicago Board of Trade traded flat. Dalian's palm oil contract, however, rose 0.3%. 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 break a support at 2,713 ringgit per tonne, and fall towards the next support at 2,666 ringgit, said Reuters analyst Wang Tao. FUNDAMENTALS * U.S. soybean futures rose for the first time in eight sessions on Monday, rebounding from a more than two-month low touched in the previous session, despite concerns around the trade deal between Washington and Beijing. * Oil prices rose more than 1% on Monday as signs of rising manufacturing activity in China pointed to increasing fuel demand and hints that OPEC may deepen output cuts at its meeting this week indicated supply may tighten next year. MARKET NEWS * Global shares ticked up on Monday and oil rebounded after a big fall late last week, as investors clung to hopes Beijing and Washington could reach a compromise in trade talks although increasing tensions over Hong Kong unsettled market confidence. DATA/EVENTS (GMT) 0030 Japan Jibun Bank Mfg PMI Nov 0030 Australia Building Approvals Oct 0145 China Caixin Mfg PMI Final Nov 0500 India IHS Markit Mfg PMI Nov 0850 France Markit Mfg PMI Nov 0855 Germany Markit/BME Mfg PMI Nov 0900 EU Markit Mfg Final PMI Nov 0930 UK Markit/CIPS Mfg PMI Final Nov 1445 US Markit Mfg PMI Final Nov 1500 US ISM Manufacturing PMI Nov PALM, CRUDE, SOY OIL PRICES AT 0302 GMT Contract Month Last Change Low High Volume MY PALM OIL DEC9 2714 -30.00 2707 2735 5415 MY PALM OIL JAN0 2689 -33.00 2684 2708 389 MY PALM OIL FEB0 2714 -30.00 2707 2735 5415 CHINA PALM JAN0 5546 +10.00 5528 5606 136691 OLEIN 4 CHINA SOYOIL JAN0 6228 -32.00 6216 6286 162992 CBOT SOY OIL JAN0 30.59 +0.01 30.53 30.61 6430 INDIA PALM DEC9 0.00 +0.00 0.00 0 0 OIL INDIA SOYOIL DEC9 814 +3.45 810.1 816.6 21670 5 5 NYMEX CRUDE JAN0 56.09 +0.92 55.42 56.24 44510 ($1 = 4.1700 ringgit) (Reporting by Fathin Ungku, Editing by Sherry Jacob-Phillips)