VEGOILS-Palm rises nearly 1% in early trade on stronger related oils

KUALA LUMPUR, Aug 16 (Reuters) - Malaysian palm oil futures rose by nearly 1% at the open of trade on Friday, lifted by stronger gains in related edible oils. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange was last up 0.8% at 2,218 ringgit ($529.86) per tonne, in line to chart an eighth day of gains in nine. In other related edible oils, U.S. soyoil futures on the CBOT gained 1.3%, while the September soyoil contract on the Dalian exchange rose 1.7%. FUNDAMENTALS * Indonesia has sealed parts of palm oil and timber concessions owned by 10 companies on Borneo island after a spate of forest fires, authorities said on Thursday, warning those involved in forest burning would be severely punished. * Chicago corn futures ticked higher on Friday but the market is set for its biggest weekly drop in three years, driven down by expectations of a bigger U.S. crop. * Crude oil prices rose on Friday after two days of declines, buoyed following data showing a rise in U.S. retail sales helped ease some concerns about a recession in the world's biggest economy. MARKET NEWS * Asian shares were heading for weekly losses on Friday as conflicting messages on the Sino-U.S. trade war only added to worries for the global economy, while talk of aggressive central bank stimulus drove bond yields to fresh lows. * The S&P 500 and the Dow gained ground in a late rally on Thursday as upbeat retail sales data offset recessionary fears amid the simmering U.S.-China trade tensions. * The dollar held onto gains on Friday after a surge in U.S. retail sales eased concerns about the world's top economy, but traders cautioned against reading too much into one piece of data given the growing risks to the outlook. DATA/EVENTS 1230 US Housing Starts Number July 1400 US U Mich Sentiment Prelim August Palm, soy and crude oil prices at 0241 GMT Contract Month Last Change Low High Volume MY PALM OIL SEP9 2162 +19.00 2162 2163 15 MY PALM OIL OCT9 2192 +18.00 2191 2201 1520 MY PALM OIL NOV9 2216 +16.00 2215 2226 2452 CHINA PALM OLEIN SEP9 4700 +26.00 4618 4710 44286 CHINA SOYOIL SEP9 6134 +104.00 5992 6152 65302 CBOT SOY OIL OCT9 29.56 +0.37 29.19 29.66 267 INDIA PALM OIL AUG9 0.00 +0.00 0.00 0 0 INDIA SOYOIL AUG9 759 +3.90 752.25 760 2570 NYMEX CRUDE SEP9 55.02 +0.55 54.69 55.05 8633 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 = 4.1860 ringgit) ($1 = 71.7930 Indian rupees) ($1 = 7.0404 Chinese yuan) (Reporting by Emily Chow; editing by Uttaresh.V)