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VEGOILS-Palm oil hits 2-1/2 week high as monsoon season seen curbing output

* Palm prices touch 2,374 ringgit per tonne, highest since Nov. 9

* Wet season in Indonesia, Malaysia to hurt production

* Bali palm gathering offers price outlook

(Updates throughout)

By Michael Taylor

JAKARTA, Nov 27 (Reuters) - Malaysian palm oil futures rose on Friday for a

third successive session to the highest in 2-1/2 weeks, tracking gains in other

vegetable oils and supported by expectations of lower output.

Palm traders say the onset of the monsoon season in key Southeast Asian

producing countries could crimp supplies and help boost prices. Palm also found

support as soybean oil prices in China climbed slightly.

"Dalian has been inching up for the past few days," said one Kuala

Lumpur-based trader, adding that strong Chinese demand was also expected in the

coming weeks. "At the same time we are moving into the monsoon season and

production will drop sharply."

The February benchmark palm oil contract on the Bursa Malaysia

Derivatives Exchange ended 0.9 percent higher at 2,361 ringgit ($555) per tonne.

The contract fell to a near one-month low earlier this week at 2,260 ringgit

per tonne, but has since rebounded to its highest since Nov. 9 at 2,374 ringgit.

Prices have added 3.1 percent this week but are little changed for the month so

far.

The January soybean oil contract on the Dalian Commodity Exchange

was up 0.5 percent.

Traded volumes for benchmark palm stood at 27,065 lots of 25 tonnes each,

below the 35,000 average lots usually traded by the end of the session.

Many palm investors are attending the annual Indonesian Palm Oil Conference

and 2016 Price Outlook at the resort island of Bali this week, where analysts

offered hints on market and price direction on Friday.

Bulging stockpiles, weak prices, the impact of the El Nino dry weather

pattern and new biodiesel mandates are among the topics discussed by delegates.

Palm prices will average 2,450-2,550 ringgit a tonne next year, Fadhil

Hasan, executive director at the Indonesian Palm Oil Association, told the

conference.

"Factors determining prices in 2016 are the implementation of Indonesia's

biodiesel program, price of crude oil, El Niño and implementation of CPOPC

(Council of Palm Oil Producer Countries)."

Palm oil may revisit its Nov. 9 high of 2,384 ringgit, as it has risen above

resistance at 2,348 ringgit per tonne, said Wang Tao, a Reuters market analyst

for commodities and energy technicals.

The ringgit eased against the dollar but touched its strongest level

since Oct. 19 earlier this week.

A stronger ringgit normally curbs demand for palm, as it makes the edible

oil costlier for holders of foreign currencies.

In related markets, crude oil futures fell on Friday with losses this month

standing at around 9 percent, hurt by disappointing Chinese economic data and

worries over a supply glut.

Palm, soy and crude oil prices at 1005 GMT

Contract Month Last Change Low High Volume

MY PALM OIL DEC5 2160 +25.00 2105 2160 145

MY PALM OIL JAN6 2293 +21.00 2270 2300 2117

MY PALM OIL FEB6 2361 +20.00 2339 2374 18116

CHINA PALM OLEIN MAY6 4644 +118.00 4532 4646 939378

CHINA SOYOIL MAY6 5646 +30.00 5596 5646 724254

CBOT SOY OIL JAN6 29.21 +0.50 0.00 0.00 0

INDIA PALM OIL NOV5 381.00 +0.50 380.70 382.50 368

INDIA SOYOIL DEC5 617.40 -0.65 615.10 622.00 34175

NYMEX CRUDE JAN6 42.03 -1.01 42.01 43.30 139349

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 = 4.2550 ringgit)

($1 = 66.7100 Indian rupees)

($1 = 6.3945 Chinese yuan)

(Additional reporting by Emily Chow in Bali; Editing by Subhranshu Sahu)