VEGOILS-Palm gains for sixth straight day as ringgit falls

SINGAPORE, Oct 30 (Reuters) - Malaysian palm oil futures opened higher for a sixth straight session on Wednesday, tracking gains in China and rival oils, and weakness in ringgit. The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange last traded up 1.6% at 2,456 ringgit ($587.14) 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 2.1% higher at a record 5,234 yuan. 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 0.9%. Elsewhere, U.S. soyoil futures on the Chicago Board of Trade was 0.1% 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. FUNDAMENTALS * U.S. corn futures edged higher on Wednesday, extending gains into a second consecutive session, underpinned by slow progress in harvesting North American crops. * Oil prices slipped on Wednesday, with U.S. crude falling for a third day after an industry report that stocks at the Cushing delivery hub for the benchmark rose last week, shrugging off a drop in overall inventories. MARKET NEWS * A rally in global shares stalled, with Asian markets stuck in tight ranges early on Wednesday, as the prospect of a rate cut by the Federal Reserve was countered by worries that a Sino-U.S. first-stage trade deal could be delayed. * The S&P 500 edged lower to snap a four-session win streak on Tuesday and it retreated from a record high as investors grappled with a flood of earnings and the latest update on a potential trade deal between the U.S. and China. * The dollar traded narrowly as markets braced for a rate cut by the Federal Reserve later on Wednesday, while sterling steadied as Britain heads for an early general election the prime minister hopes will break the deadlock over Brexit. DATA AHEAD (GMT) 0030 Australia CPI QQ, YY Q3 0030 Australia RBA Weighted Medn CPI QQ, YY Q3 0030 Australia RBA Trimmed Mean CPI QQ, YY Q3 0630 France GDP Preliminary QQ Q3 0855 Germany Unemployment Chg, Rate SA Oct 1000 EU Consumer Confid. Final Oct 1100 Germany CPI Prelim YY, HICP Prelim YY Oct 1230 US GDP Advance Q3 1800 US Federal Reserve's Federal Open Market Committee Palm, soy and crude oil prices at 0245 GMT Contract Month Last Change Low High Volume MY PALM OIL JAN0 2457 +40.00 2445 2463 3970 MY PALM OIL DEC9 2405 +41.00 2400 2410 32 MY PALM OIL JAN0 2457 +40.00 2445 2463 3970 CHINA PALM JAN0 5236 +110.00 5092 5246 115881 OLEIN 4 CHINA SOYOIL JAN0 6278 +56.00 6194 6284 509980 CBOT SOY OIL DEC9 31.03 +0.03 30.92 31.07 2024 INDIA PALM OCT9 0.00 +0.00 0.00 0 0 OIL INDIA SOYOIL NOV9 768 +2.95 763.7 768 7460 NYMEX CRUDE DEC9 55.27 -0.27 55.21 55.56 13259 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) (Reporting by Fathin Ungku; editing by Rashmi Aich)