VEGOILS-Palm oil rises as traders hunt bargains after multi-day slump

KUALA LUMPUR, Feb 27 (Reuters) - Malaysian palm oil futures rose on Thursday amid bargain buying by traders after prices fell in the previous three sessions, however, concerns about a decline in edible oil demand as the coronavirus spreads beyond China limited gains.

The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange was up 5 ringgit, or 0.21%, to 2,424 ringgit ($572.37) by 0317 GMT.

Palm oil has fallen 7.7% so far this week, as exports fall due to lower purchases by China, the world's second-largest palm buyer, amid the coronavirus outbreak.


FUNDAMENTALS

* On Tuesday, for the first time ever, the number of new coronavirus cases officially reported outside China exceeded new cases reported by Beijing. However, the World Health Organisation downplayed the situation on Wednesday, calling it "deeply concerning" but say it does not amount to a pandemic.

* Dalian's most-active soyoil contract traded down 0.03%, while its palm oil contract also fell 0.61%. Soyoil prices on the Chicago Board of Trade was up 0.03%.

* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

* The ringgit, palm's currency of trade, gained 0.12% against the dollar, making the edible oil more expensive for holders of foreign currency.

* Malaysia's king summoned Mahathir Mohamad, who resigned as prime minister on Monday, as the country waits for an end to the political chaos caused by his shock resignation amid an intense power struggle.


MARKET NEWS

* Oil and Asian share markets slipped on Thursday, struggling to find a footing as the rapid global spread of the coronavirus left investors on edge and seeking safety in gold and bonds.


DATA/EVENTS

0030 Australia Capital Expenditure Q4

1000 EU Consumer Confid. Final Feb

1330 US Durable Goods Jan

1330 US GDP 2nd Estimate Q4

1330 US Initial Jobless Claims Weekly

($1 = 4.2350 ringgit) (Reporting by Mei Mei Chu; editing by Christian Schmollinger)