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VEGOILS-Palm surges over 1% as rival oils gain and ringgit weakens

SINGAPORE, Nov 19 (Reuters) - Malaysian palm oil futures on Tuesday recovered from two consecutive sessions of losses to trade 1.2% higher, as rival oils became costlier and as the ringgit weakened. The benchmark palm oil contract on the Bursa Malaysia Derivatives Exchange stood at 2,627 ringgit ($631.49) in early trade, after shedding 0.4% in the previous session. Palm oil rose as it tracked rival oils on the Dalian Commodities Exchange, which jumped on speculation that prices may move higher towards the end of the year, a Kuala Lumpur trader told Reuters. Dalian's January palm oil contract traded 1.3% higher while the soyoil contract rose 0.9%. Elsewhere, soyoil on the Chicago Board of Trade rose 0.3%. 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 0.1% against the dollar, making the edible oil cheaper for holders of foreign currencies. Palm oil FCPOc3 may rise to 2,666 ringgit per tonne, as it has cleared a resistance at 2,608 ringgit, Reuters analyst, Wang Tao said. FUNDAMENTALS * U.S. corn futures on Tuesday rebounded from a one-month low touched in the previous session, after the U.S. Department of Agriculture pegged the harvest pace below market expectations. * U.S. oil prices fell for the second straight day on Tuesday amid market jitters over limited progress between China and the United States on rolling back trade tariffs, exacerbated by a rise in U.S. inventories. MARKET NEWS * Asian shares started Tuesday softer as another day awaiting clearer news on the progress of U.S-China trade negotiations weighed on jaded investors' sentiment. * Wall Street's three main indexes on Monday barely extended the previous session's closing records as investors waited for concrete progress on U.S.-China trade relations after mixed headlines. * The dollar fell against the yen on Tuesday as receding hopes for a preliminary trade deal between the United States and China hurt demand for the greenback. DATA/EVENTS (GMT) 1330 US Housing Starts Number Oct PALM, CRUDE, SOY OIL PRICES AT 0248 GMT Contract Month Last Change Low High Volume MY PALM OIL DEC9 2628 +31.00 2622 2635 3133 MY PALM OIL JAN0 2583 +29.00 2578 2592 1289 MY PALM OIL FEB0 2628 +31.00 2622 2635 3133 CHINA PALM JAN0 5448 +78.00 5358 5456 129590 OLEIN 6 CHINA SOYOIL JAN0 6308 +62.00 6254 6318 395216 CBOT SOY OIL JAN0 30.94 +0.12 30.75 30.94 1350 INDIA PALM NOV9 0.00 +0.00 0.00 0 0 OIL INDIA SOYOIL NOV9 784.4 -5.40 784.2 791.8 1900 NYMEX CRUDE DEC9 56.96 -0.09 56.78 56.99 1239 ($1 = 4.1600 ringgit) (Reporting by Fathin Ungku; ; Editing by Shailesh Kuber)