VEGOILS-Palm climbs on sentiment ahead of Lunar holidays

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* Palm rises, buoyant ahead of Lunar New Year festivity

* Prices expected to be range-bound - trader

* Palm may slide into 2,256-2,274 ringgit/tonne range - technicals

By Liz Lee

KUALA LUMPUR, Jan 30 (Reuters) - Malaysian palm oil futures rose on early Wednesday, recovering from their largest fall in two weeks in the previous session, on buoyant sentiment ahead of the Lunar celebration.

The benchmark palm oil contract for April delivery 1FCPOc3 on the Bursa Malaysia Derivatives Exchange climbed 0.35 percent to 2,302 ringgit ($560.51) a tonne at the midday break.

Trading volumes stood at 15,404 lots of 25 tonnes each. 1FCPO-TOT

The futures contract rose to its highest in nearly seven months supported by related edible oil prices on Monday, and charted a sixth session of gains in seven. It then fell 1.4 percent on Tuesday, recording the largest decline in two weeks.

"Market will likely continue to range here in anticipation of the long holiday," a Kuala Lumpur-based trader said.

There is also better demand in the palm oil contracts for February and March delivery, supported by higher pricing in Indonesia, the trader added.

"Stocks in Indonesia seem to have been decreasing since December," he said.

Malaysian markets will be closed on Feb. 5-6 for the Lunar New Year celebrations.

"Traders are also covering positions as there is a lack of sellers at the lower price levels," said another futures trader from Kuala Lumpur.

Palm oil may slide further into a range of 2,256-2,274 ringgit per tonne, following its failure to break resistance at 2,322 ringgit, Wang Tao, a Reuters market analyst for commodities and energy technicals said. other related oils, the Chicago March soybean oil contract BOH9 was up 0.13 percent.

The May soybean oil contract on the Dalian Commodity Exchange DBYK9 was down 0.41 percent, while the Dalian May palm oil contract DCPK9 fell 0.58 percent.

Palm oil prices are affected by movements in soyoil rates, as they compete for a share in the global vegetable oil market.

NCDEX Tips

Palm, soy and crude oil prices at 0552 GMT:

Contract

Month

Last Change

Low High Volume MY PALM OIL

FEB9

2200 +6.00

2180 2205

227 MY PALM OIL

MAR9

2268 +4.00

2245 2271

1573 MY PALM OIL

APR9

2302 +8.00

2277 2305

6796 CHINA PALM

MAY9

4796 -30.00

4760 4816 393956 OLEIN

CHINA SOYOIL

MAY9

5758 -30.00

5740 5796 311900 CBOT SOY OIL

MAR9

30.16 +0.05 30.08 30.17

2154 INDIA PALM OIL JAN9 561.70 +0.80 556.40 562.7

71 INDIA SOYOIL

FEB9 773.15 +2.00 771.2 774.3

2950 NYMEX CRUDE

MAR9

53.41 +0.10 53.11 53.61

39482

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 = 4.1070 ringgit) ($1 = 71.24 Indian rupees) ($1 = 6.7131 Chinese yuan)

Disclaimer:- The views and investment tips expressed by investment experts are their own. Ripples Advisory advises users to check with certified experts before taking any investment decisions.

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