VEGOILS-Palm up more than 1% after bullish price forecasts

By Emily Chow

* Palm rises to intraday peak of 2,173 rgt/T * Market charts second day of gains * EU CPO price forecast to rise to $620/T by Q2 - analyst (Updates with closing prices, quote) By Emily Chow KUALA LUMPUR, Sept 26 (Reuters) - Malaysian palm oil futures rose more than 1% in afternoon trading on Thursday after bullish forecasts at an industry conference in India. Prices also gained support by Malaysia's announcement that it would grant export duty exemptiuons for crude palm kernel oil and RBD palm kernel oil from Oct. 1 until the end of next June to reduce stockpiles in the domestic market. The benchmark palm oil contract for December delivery was up 1.1% by the close of the Bursa Malaysia Derivatives Exchange at 2,169 ringgit a tonne. "Palm prices were supported by the bullish price forecasts during the conference," one Kuala Lumpur-based trader said. European crude palm oil prices are forecast to rise to $620 a tonne, or $570 free on board, by the second quarter of 2020 as stockpiles decline, James Fry, chairman of commodities consultancy LMC International, said on Thursday. Another analyst had said on Wednesday that India's palm oil imports in 2019/20 are likely to rise 2% from a year earlier to a record high because consumption in the world's biggest edible oil buyer is expected to expand more rapidly than local supplies. U.S. soyoil futures on the U.S. Chicago Board of Trade fell 0.4% in overnight trade and were last up 0.1% on Thursday. U.S. soybeans held steady on Thursday as concerns over the U.S.-China trade war eased after U.S. President Donald Trump said a deal with China could happen sooner than expected. Palm oil prices are affected by movements in related oils that compete in the global vegetable oils market. Palm, soy and crude oil prices at 1230 GMT Contract Month Last Change Low High Volume MY PALM OIL OCT9 2111 +27.00 2074 2111 109 MY PALM OIL NOV9 2132 +22.00 2096 2133 2827 MY PALM OIL DEC9 2170 +23.00 2135 2173 16306 CHINA PALM OLEIN JAN0 0 +0.00 0 0 0 CHINA SOYOIL JAN0 0 +0.00 0 0 0 CBOT SOY OIL DEC9 29.23 +0.03 29.05 29.29 10863 INDIA PALM OIL SEP9 547.60 +1.20 544.40 549.5 592 INDIA SOYOIL OCT9 763.6 +0.95 761 767.7 8090 NYMEX CRUDE NOV9 56.42 -0.07 56.17 56.84 128222 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 = 4.1920 ringgit) ($1 = 7.1230 Chinese yuan) ($1 = 70.9500 Indian rupees) (Reporting by Emily Chow Editing by Aditya Soni and David Goodman )