VEGOILS-Palm falls more than 1% on cheaper rival oils, stronger ringgit

SINGAPORE, Nov 15 (Reuters) - Malaysian palm oil futures retreated from last session's gains to trade lower on Friday, as rival oils fell and as the ringgit strengthened. The benchmark palm oil contract on the Bursa Malaysia Derivatives Exchange was down 1% at 2,580 ringgit ($623.49) in early trade. Over the week, the contract is set to trade 0.1% higher, the slowest weekly gain since 0ct. 4. It closed higher in the previous session after two days of consecutive losses but fell again due to cheaper offerings on the Dalian Commodities Exchange and the Chicago Board of Trade (CBOT). "China's sow herd is recovering which decreased oilshare and recovering mealshare. Therefore, the soyoil futures are down and dragging palm oil as well," said Anilkumar Bagani, research head of Sunvin Group, a Mumbai-based vegetable oil broker. Dalian's January palm oil contract traded 0.6% lower, while the soyoil contract fell 0.8%. Elsewhere, U.S. soyoil futures on the CBOT fell 0.4% on U.S.-China trade doubts. Palm oil is affected by price movements in related oils as they compete for share in the global vegetable oils market. Expectations of slower exports added to the losses, a Kuala Lumpur based trader told Reuters, adding that exports in the November 1-15 period is rumoured to be down 3% from the same period in the month before. Palm's short lived recovery in the session before was due to India's resumption of palm oil imports after a gap of nearly a month, contracting around 70,000 tonnes of shipments in December after Kuala Lumpur offered a $5 per tonne discount over supplies from rival Indonesia. FUNDAMENTALS * Chicago wheat futures were on track on Friday for their fourth week of decline, with stiff competition from the Black Sea region hitting U.S. sales in the global market. * Oil prices posted early gains as OPEC's outlook for oil demand next year fuelled hopes that the producer group and its associates will keep a lid on supply when they meet to discuss policy on output next month. MARKET NEWS * Asian stocks jumped on Friday, propelled by a record S&P 500 finish and White House comments suggesting Washington and Beijing were close to striking a trade deal, reviving hopes the tariff war may be nearing its end. * The benchmark S&P 500 stock index posted a slim gain to end with a record closing high on Thursday, as a dour forecast from tech stalwart Cisco Systems was offset by a strong report from big box retailer Walmart. * The dollar found broad support on Friday as fresh signs of a global economic slowdown and little visible progress toward a Sino-U.S. trade truce put investors in a risk-averse mood. DATA/EVENTS (GMT) 1000 EU HICP Final MM, YY Oct 1100 EU Reserve Assets Total Oct 1330 US Retail Sales MM Oct 1415 US Industrial Production MM Oct PALM, CRUDE, SOY OIL PRICES AT 0318 GMT Contract Month Last Change Low High Volume MY PALM OIL NOV9 2572 -34.00 2569 2594 4021 MY PALM OIL DEC9 2521 -37.00 2521 2541 59 MY PALM OIL JAN0 2572 -34.00 2569 2594 4021 CHINA PALM JAN0 5370 -30.00 5352 5464 224503 OLEIN 6 CHINA SOYOIL JAN0 6264 -62.00 6254 6362 765168 CBOT SOY OIL JAN0 30.86 -0.11 30.8 31.03 2264 INDIA PALM NOV9 0.00 +0.00 0.00 0 0 OIL INDIA SOYOIL NOV9 0 +0.00 0 0 0 NYMEX CRUDE DEC9 57.09 +0.32 56.84 57.10 11212 ($1 = 4.1380 ringgit) (Reporting by Fathin Ungku; ; Editing by Shailesh Kuber)