VEGOILS-Palm rises for third session as rival oils gain

SINGAPORE, Oct 17 (Reuters) - Malaysian palm oil rose for a third consecutive session on Thursday buoyed by ongoing strength in rival oils on the Dalian Commodities Exchange, though a stronger ringgit capped gains. The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange closed 0.3% higher at 2,259 ringgit ($540.69). Dalian's January palm oil contract last rose 0.6% while the January soyoil contract rose 1%. Elsewhere, U.S. soyoil futures on the Chicago Board of Trade were up 0.5%. Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market. The rally in palm oil prices, however, was capped by a firmer ringgit and weaker oil prices, a Kuala Lumpur-based trader said. The ringgit was last up 0.4% against the dollar, making palm more expensive for buyers using other currencies, while oil prices eased after industry data showed larger-than-expected build-up in stocks in the United States. Palm oil may revisit its Aug. 26 high of 2,312 ringgit per tonne, as it has pierced above a resistance at 2,266 ringgit, said Reuters analyst Wang Tao. Palm, soy and crude oil prices at 1003 GMT Contract Month Last Change Low High Volume MY PALM OIL JAN0 2193 +4.00 2186 2210 728 MY PALM OIL DEC9 2220 +1.00 2212 2242 6353 MY PALM OIL JAN0 2259 +7.00 2248 2274 22022 CHINA PALM JAN0 4800 +28.00 4788 4850 824590 OLEIN CHINA SOYOIL JAN0 6032 +58.00 5994 6050 595192 CBOT SOY OIL DEC9 30.56 +0.16 30.35 30.6 5002 INDIA PALM OCT9 555.00 +0.60 553.50 557.3 818 OIL INDIA SOYOIL OCT9 754.75 +0.90 753.65 755 4160 NYMEX CRUDE NOV9 53.20 -0.16 52.76 53.30 73874 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 = 4.1780 ringgit) (Reporting by Fathin Ungku; editing by Uttaresh.V)