VEGOILS-Palm oil futures hit 2-week high as ringgit weakens

By Fathin Ungku

(Updates with closing prices) By Fathin Ungku SINGAPORE, Oct 9 (Reuters) - Malaysian palm oil futures rose for a fourth consecutive session on Wednesday evening, hitting their highest in more than two weeks, supported by a weaker ringgit and firmer soyoil on China's Dalian Commodity Exchange. The ringgit, palm's currency of trade, eased to a three-week low against the dollar, making the edible oil cheaper for holders of foreign currencies. The ringgit was down 0.1% at 4.1955. The benchmark palm oil contract for the December delivery on the Bursa Malaysia Derivatives Exchange was up 1% at 2,196 ringgit ($523.42) per tonne. It earlier rose as much as 1.4% to 2,206 ringgit, its highest levels since Sept. 23. "Dalian exchange oils are higher today and the trade talks between the United States and China are now faltering," said a Kuala Lumpur-based trader, referring to palm and soyoil on China's Dalian Commodity Exchange. While the tensions between the world's two largest economies showed little sign of slowing, traders say that China - the world's top soybean importer - has shunned the U.S. market for a second growing season, which in turn resulted in higher demand for palm oil. The January palm oil contract on the Dalian exchange rose 1.1% on Wednesday, while the January soyoil contract on the Dalian exchange was up 2%. In other related edible oils, U.S. soyoil futures on the U.S. Chicago Board of Trade was last traded up 0.3%. Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market. Palm, soy and crude oil prices at 1108 GMT Contract Month Last Change Low High Volume MY PALM OIL OCT9 2121 +3.00 2121 2150 85 MY PALM OIL NOV9 2161 +23.00 2152 2170 1285 MY PALM OIL DEC9 2197 +22.00 2188 2206 17962 CHINA PALM OLEIN JAN0 4792 +96.00 4712 4800 506652 CHINA SOYOIL JAN0 5998 +66.00 5934 6012 517420 CBOT SOY OIL DEC9 29.92 +0.10 29.74 29.95 6068 INDIA PALM OIL OCT9 549.10 +3.10 546.80 550.4 449 INDIA SOYOIL OCT9 758.75 -2.30 758.4 761 5710 NYMEX CRUDE NOV9 53.12 +0.49 52.31 53.33 125571 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 = 4.1955 ringgit) ($1 = 71.0410 Indian rupees) ($1 = 7.1233 Chinese yuan renminbi) (Reporting by Fathin Ungku, additional reporting by Emily Chow in Kuala Lumpur, Editing by Sherry Jacob-Phillips and Amy Caren Daniel)