VEGOILS-Palm hits over 2-week high on firmer related oils

By Fathin Ungku

By Fathin Ungku SINGAPORE, Oct 9 (Reuters) - Malaysian palm oil futures edged up on Wednesday for a fourth consecutive session, hitting their highest in more than two weeks, lifted by gains in palm and soyoil on China's Dalian Commodity Exchange. The benchmark palm oil contract for the December delivery on the Bursa Malaysia Derivatives Exchange was up 1% at 2,196 ringgit ($523.36) per tonne, as of 0312 GMT, its highest levels since Sept. 23. The January palm oil contract on the Dalian exchange rose 1.8% on Wednesday, while the January soyoil contract on the Dalian exchange was up 1.2%. In other related edible oils, U.S. soyoil futures on the U.S. Chicago Board of Trade was last traded 0.3% higher. Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market. FUNDAMENTALS * Malaysian palm oil stockpiles in September likely rose for the first time in seven months, as production grew and export demand eased for the edible oil, a Reuters survey showed. * Palm oil may test a resistance at 2,205 ringgit per tonne, a break above which could lead to a gain to 2,223 ringgit. * U.S. soybeans edged lower on Wednesday, retreating from a near three-month high touched in the previous session, though losses were checked by forecasts for adverse weather across key North American growing regions. * Oil prices slipped for a third consecutive session on Wednesday as the prospect of the United States and China striking a trade deal in talks this week dimmed, raising uncertainties for global economic growth and oil demand. MARKET NEWS * Asian stocks fell the most in a week on Wednesday as the United State and China's ever-expanding dispute over trade and foreign policy showed little sign of coming to an end, weighing on global economic growth. * U.S. stocks ended down sharply and near the day's lows on Tuesday as news that the United States has imposed visa restrictions on Chinese officials overshadowed Federal Reserve Chairman Jerome Powell suggesting openness to further interest rate cuts. * The British pound nursed losses on Wednesday, after hitting a one-month low on reports that Brexit talks between Britain and the European Union were close to breaking down, while the dollar weakened slightly on rising trade tensions. DATA/EVENTS AHEAD (GMT) 1200 Brazil IPCA Inflation Index MM Sept 1800 US Federal Open Market Committee releases the minutes from its September 17-18 policy meeting Palm, soy and crude oil prices at 0318 GMT Contract Month Last Change Low High Volume MY PALM OIL OCT9 2140 +22.00 2137 2141 22 MY PALM OIL NOV9 2161 +23.00 2152 2163 483 MY PALM OIL DEC9 2196 +21.00 2188 2200 3901 CHINA PALM OLEIN JAN0 4784 +88.00 4712 4792 349366 CHINA SOYOIL JAN0 6002 +70.00 5934 6012 381066 CBOT SOY OIL DEC9 29.9 +0.08 29.74 29.93 2251 INDIA PALM OIL OCT9 0.00 +0.00 0.00 0 0 INDIA SOYOIL OCT9 0 +0.00 0 0 0 NYMEX CRUDE NOV9 52.49 -0.14 52.33 52.60 18740 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 = 4.1960 ringgit) ($1 = 71.2100 Indian rupees) ($1 = 7.1467 Chinese yuan) (Additional reporting by Emily Chow in Kuala Lumpur, Editing by Sherry Jacob-Phillips)