VEGOILS-Palm oil rebounds on gains in U.S. soybean market

SINGAPORE, Sept 13 (Reuters) - Malaysian palm oil futures bounced back on Friday after two sessions of losses, buoyed by a strong rally in U.S. soybean prices on the Chicago Board of Trade (CBOT). FUNDAMENTALS * The benchmark palm oil contract on the Bursa Malaysia Derivatives Exchange added 0.6% at 2,201 ringgit per tonne at 0313 GMT. * CBOT soybean futures were poised for their biggest weekly rise in nearly three months, underpinned by China making its most significant purchases of U.S. beans since at least June. * There is additional support for the market as Indonesia, the world biggest producer of the commodity, decided to increase its biodiesel allocation for the country's mandatory programme in 2019. * Palm oil inventories in Malaysia extended falls to a 13-month low at the end of August as strong export gains outpaced production increases, official data showed on Tuesday. * Exports of Malaysian palm oil products for Sep. 1-10 fell 29% to 337,570 tonnes from 475,555 tonnes shipped during Aug. 1-10, cargo surveyor Societe Generale de Surveillance said on Wednesday. * On the technical front, palm oil may extend fall into a range of 2,148-2,166 ringgit per tonne, driven by a wave c, according to Wang Tao, a Reuters market analyst for commodities technicals. MARKET NEWS * Asian stocks advanced on Friday as hints of progress in U.S.-China trade talks and aggressive stimulus from the European Central Bank helped counter worries about a global economic slowdown. DATA/EVENTS (GMT) 1230 US Retail Sales MM Aug 1400 US U Mich Sentiment Prelim Sept (Reporting by Naveen Thukral; Editing by Rashmi Aich)