VEGOILS-Palm edges up tracking soyoil strength

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* Palm heads for the second straight session of gains

* Ringgit strength limits palm's gains - trader

By Emily Chow

KUALA LUMPUR, Jan 14 (Reuters) - Malaysian palm oil futures edged higher on Monday, supported by the previous session's gains in Chicago soyoil prices, although a strong ringgit MYR= limited the upside.

The ringgit, palm oil's currency of trade, gained nearly 1 percent against the dollar last week and was the last trading around a four-month high.

The benchmark palm oil contract for March delivery 1FCPOc3 on the Bursa Malaysia Derivatives Exchange was up 0.2 percent at 2,175 ringgit ($531.14) a tonne at noon, heading for a second straight session of gains.

Trading volumes stood at 9,349 lots of 25 tonnes each at the midday break. 1FCPO-TOT

"The market is supported by continued gains in rival oilseed soyoil," said a Kuala Lumpur-based futures trader, adding that the ringgit's strength capped the vegetable oil's gains.

Palm oil prices are impacted by changes in those of soyoil, as they compete for a share in the global vegetable oil market.

The Chicago March soybean oil contract BOH9 rose 0.8 percent on Friday and was last up 0.1 percent on Monday.

Soyoil prices rose on Friday in line with gains in soybeans, which advanced on technical buying and concerns about crop prospects in South America due to adverse weather in Brazil and Argentina. GRA/

In other related oils, the May soybean oil contract on the Dalian Commodity Exchange DBYH9 rose 0.4 percent, and the Dalian January palm oil contract DCPF9 dropped 5.9 percent.

NCDEX Tips

Palm, soy and crude oil prices at 0542 GMT: Contract

Month

Last Change

Low

High Volume MY PALM OIL

JAN9

0 +0.00

0

0

0 MY PALM OIL

FEB9

2128 +5.00

2126

2134

199 MY PALM OIL

MAR9

2175 +4.00

2168

2183

4173 CHINA PALM OLEIN JAN9

4120 -258.0

4120

4400

44

0

CHINA SOYOIL

JAN9

0 +0.00

0

0

0 CBOT SOY OIL

JAN9

28.17 +0.00

0

0

0 INDIA PALM OIL

JAN9 548.20 +2.50 546.50 549.8

201 INDIA SOYOIL

JAN9

768.9 +5.35 766.05 769.5

830 NYMEX CRUDE

FEB9

51.05 -0.54 50.85 52.11 66075 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 = 4.0950 ringgit) ($1 = 70.8000 Indian rupees) ($1 = 6.7578 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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