VEGOILS-Palm rises for third straight day on gains in related oils
* Palm rises to near 1-week top, but down 5.1 pct on-month
* Traders taking positions ahead of U.S.-China talks at G20
meeting - trader
* Market expects Malaysian stocks to peak in Nov - trader
(Updates with closing prices, quote)
By Emily Chow
KUALA LUMPUR, Nov 30 (Reuters) - Malaysian palm oil futures
closed higher for the third day in a row on Friday evening,
supported by gains in related edible oils and ahead of
U.S.-China trade talks at the G20 meeting on Saturday.
The benchmark palm oil contract for February delivery
on the Bursa Malaysia Derivatives Exchange was up 0.6
percent at 2,040 ringgit ($487.80) a tonne at the end of the
trading day.
It earlier rose to 2,046 ringgit, its highest levels since
Nov. 26, but is down 5.1 percent in November, its third straight
month of declines.
Trading volumes stood at 33,891 lots of 25 tonnes each at
the close of trade. (1FCPO-TOT)
"The market is up ahead of the G20 meeting, we are seeing
some positioning," said a Singapore based trader.
"If U.S. and China reach a deal or temporary truce we can
see the Chicago Board of Trade soybeans going up higher, which
will take palm along with it."
Chicago soybeans ticked higher on Friday ahead of U.S.-China
trade talks at the G20 meeting. Trump had sent mixed signals
about the prospects for a trade deal with China, saying an
agreement was close but he was not sure he wanted one.
Earlier in the day, traders had said palm was supported by
stronger soyoil on the U.S. Chicago Board of Trade and China's
Dalian Commodity Exchange, and that the market expects Malaysian
stock levels to peak in November before tapering off from
December onwards.
"This will be supportive if there are no other bearish
external factors," one trader said.
Palm oil is affected by movements of other edible oils, as
they compete for a share in the global vegetable oil market.
The Chicago December soybean oil contract was up 0.4
percent on Friday, while the January soybean oil contract on the
Dalian Commodity Exchange rose 0.9 percent.
In other related edible oils, the Dalian January palm oil
contract edged up 0.4 percent.
Palm, soy and crude oil prices at 1054 GMT
Contract Month Last Change Low High Volume
MY PALM OIL DEC8 1875 +5.00 1857 1875 682
MY PALM OIL JAN9 1969 +10.00 1948 1976 3983
MY PALM OIL FEB9 2039 +13.00 2020 2046 15563
CHINA PALM OLEIN JAN9 4230 +16.00 4212 4244 146390
CHINA SOYOIL JAN9 5442 +46.00 5390 5450 140886
CBOT SOY OIL DEC8 27.8 +0.12 27.73 27.84 2033
INDIA PALM OIL NOV8 500.40 +1.40 499.10 500.4 170
INDIA SOYOIL DEC8 721 +1.15 719.5 722.6 4040
NYMEX CRUDE JAN9 50.75 -0.70 50.53 51.79 149089
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 = 4.1820 ringgit)
($1 = 69.6800 Indian rupees)
($1 = 6.9448 Chinese yuan)
(Reporting by Emily Chow; Editing by Amrutha Gayathri and Jane
Merriman)
