CORRECTED-VEGOILS-Palm rises for fourth session as rival oils extend gains
(Corrects milestone in first and second para to more than 2-year high, not 3-year high) SINGAPORE, Nov 21 (Reuters) - Malaysian palm oil futures rose for the fourth consecutive session on Thursday after reaching a more than two-year high in the previous session, as rival oils on the Dalian Commodities Exchange extended gains. The benchmark palm oil contract on the Bursa Malaysia Derivatives Exchange were up 0.1% at 2,688 ringgit ($644.06) in early trade. It reached as much as 2,699 ringgit in the previous session, the highest since Nov. 17, 2017. The contract rose as it tracked the strength of palm oil on the Dalian, which reached record highs in the previous session. Dalian's January palm oil contract last traded 0.9% higher per tonne, while its soyoil contract rose 0.3%. Prices of palm oil on the Dalian surged following bearish supply outlook sentiment and a likely supply deficit. Elsewhere, soyoil on the Chicago Board of Trade last fell 0.2%. Palm is affected by price movements in related oils as they compete for share in the global vegetable oils market. Also supporting prices was a weaker ringgit, which fell 0.2% against the dollar, making the edible oil cheaper for holders of foreign currencies. "The market is still higher tracking rival oils, but it is cautious as yesterday was overdone to the upside," a Kuala Lumpur based trader told Reuters. FUNDAMENTALS * U.S. soybean futures rose on Thursday, recovering from near two-month lows touched in the previous session, although gains were checked by worries that a trade deal between Washington and Beijing could be pushed into next year. * Oil prices retreated on Thursday as a spat over Hong Kong added to worries of a delay in any U.S.-China trade deal, after posting steep gains in the previous session on bullish U.S. crude inventory data. MARKET NEWS * Global shares slid on Thursday as a fresh row between Washington and Beijing could complicate their negotiation and delay a "phase one" deal that investors had initially hoped to be inked by now. * Wall Street's main indexes ended Wednesday's session lower on concerns that a "phase one" trade deal between Washington and Beijing may not be completed this year, while minutes from the Federal Reserve's October policy meeting appeared to offer little help. * The yen rose against the dollar on Thursday after sources close to the White House told Reuters that a deal is unlikely this year, which spurred demand for safe-haven assets. DATA/EVENTS (GMT) 0745 France Business Climate Mfg Nov 1330 US Initial Jobless Claims Weekly 1330 US Philly Fed Business Indx Nov 1500 US Existing Home Sales Oct 1500 EU Consumer Confid. Flash Nov PALM, CRUDE, SOY OIL PRICES AT 0256 GMT Contract Month Last Change Low High Volume MY PALM OIL DEC9 2685 +0.00 2678 2692 3493 MY PALM OIL JAN0 2639 -3.00 2634 2648 703 MY PALM OIL FEB0 2685 +0.00 2678 2692 3493 CHINA PALM JAN0 5608 +40.00 5596 5644 138175 OLEIN 0 CHINA SOYOIL JAN0 6380 +14.00 6360 6436 561138 CBOT SOY OIL JAN0 31.36 -0.05 31.3 31.41 1827 INDIA PALM NOV9 0.00 +0.00 0.00 0 0 OIL INDIA SOYOIL DEC9 809 +5.70 803.75 809.4 28800 NYMEX CRUDE JAN0 56.93 -0.08 56.75 57.05 23562 ($1 = 4.1735 ringgit) (Reporting by Fathin Ungku; Editing by Shailesh Kuber)
