VEGOILS-Palm oil falls on profit-booking, absence of catalysts

SINGAPORE, Nov 28 (Reuters) - Malaysian palm oil futures fell on Thursday as traders booked profit from a short recovery in the previous session, while the absence of catalysts kept sentiment subdued. Trading was closed at the Chicago Board of Trade for Thanksgiving holiday. The benchmark palm oil contract on the Bursa Malaysia Derivatives Exchange was 0.3% lower at 2,680 ringgit ($642.69) in early trade, after falling to as low as 2,651 ringgit. "Palm oil prices are in the overbought zone and are correcting lower," said Anilkumar Bagani, research head of Sunvin Group, a Mumbai-based vegetable oil broker. "The absence of Chicago Board of Trade activity eliminated one supporting factor for trend direction," he added. Limiting the losses, however, were costlier rival oils on the Dalian Commodities Exchange. Palm oil is affected by price movements in related oils as they compete for share in the global vegetable oils market. Dalian's January palm oil contract and the soyoil contract edged up 0.2%. Palm oil still targets a range of 2,573-2,608 ringgit per tonne, following its failure to break a strong resistance at 2,760 ringgit, said Reuters analyst Wang Tao. FUNDAMENTALS * U.S. soybean futures slid to a two-month low on Wednesday on technical selling and expectations that increased rains will benefit crops in rival shipper South America. * Oil prices fell, extending losses from the previous session, after official data showed U.S. crude and gasoline stocks rose against expectations and production hit a record. MARKET NEWS * Asian share markets wobbled as concerns that tensions over Hong Kong could stymie a U.S.-China trade deal cast a pall over Thanksgiving cheer from unexpectedly positive U.S. economic data. * Wall Street's main indexes closed at record levels for a third straight day in a muted volume session on Wednesday ahead of the Thanksgiving holiday, as fresh data pointed to an economy on solid footing, while investors remained cautiously optimistic about a resolution to U.S.-China trade tensions. * The safe-haven yen rose against the dollar after U.S. President Donald Trump signed into law legislation supporting anti-government protesters in Hong Kong, which could complicate efforts to end the U.S.-China trade war. DATA/EVENTS (GMT) 0030 Australia Capital Expenditure Q3 1000 EU Consumer Confid. Final Nov 1100 Brazil IGP-M Inflation Index Nov 1300 Germany CPI Prelim YY Nov 1300 Germany HICP Prelim YY Nov PALM, CRUDE, SOY OIL PRICES AT 0250 GMT Contract Month Last Change Low High Volume MY PALM OIL DEC9 2700 +13.00 2671 2700 4274 MY PALM OIL JAN0 2668 +14.00 2641 2668 468 MY PALM OIL FEB0 2700 +13.00 2671 2700 4274 CHINA PALM JAN0 5456 +8.00 5416 5480 124845 OLEIN 4 CHINA SOYOIL JAN0 6226 +8.00 6200 6242 242564 CBOT SOY OIL JAN0 30.5 +0.00 0 0 0 INDIA PALM NOV9 0.00 +0.00 0.00 0 0 OIL INDIA SOYOIL DEC9 802.5 +0.75 800.25 804.4 12630 NYMEX CRUDE JAN0 57.87 -0.24 57.81 58.14 10612 ($1 = 4.1700 ringgit) (Reporting by Fathin Ungku)