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VEGOILS-Palm climbs following gains in overseas markets

Reuters

* Palm up tracking gains in rival oils- trader

* Cargo surveyor data showing strong exports helps

* Palm may gain more to 2,742 rgt/tonne - technicals

(Updates with prices and quotes from traders)

By Tavleen Tarrant

KUALA LUMPUR, Oct 20 (Reuters) - Malaysian palm oil futures edged higher on

Friday after two straight sessions of declines, tracking overnight gains in

overseas markets and on cargo surveyor data showing strong exports.

The benchmark palm oil contract for January delivery on the Bursa

Malaysia Derivatives Exchange was up 0.7 percent at 2,741 ringgit ($648.91) a

tonne at the end of Friday, after declining 0.7 percent on Thursday.

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The contract has shed about 0.3 percent so far this week after two straight

weeks of gains.

Traded volumes stood at 38,078 lots of 25 tonnes each at the end of Friday.

The December soybean oil contract on the Chicago Board of Trade

(CBOT) gained 0.5 percent. The January soybean oil contract on the Dalian

Commodity Exchange gained 0.2 percent, while the January palm olein

contract rose 0.9 percent.

Palm prices are impacted by movements of related oils as they compete for a

share in the global vegetable oils market.

"Palm also rose because of stronger exports," said a Kuala Lumpur-based

futures trader.

Exports of palm oil products during Oct. 1-20 rose 11.6 percent to 951,339

tonnes from 852,206 tonnes shipped a month earlier, cargo surveyor Intertek

Testing Services said on Friday.

Another futures trader said: "Crude oil extending loses and talks of sharper

growth in October production could have encouraged weekend profit-taking whilst

higher exports pared some losses."

Palm production in October is seen rising on-month due to the higher number

of working holidays.

Meanwhile, palm may gain more to 2,742 ringgit per tonne, Reuters market

analyst for commodities and energy technicals Wang Tao said, basing his analysis

on the uptrend from the Oct. 3 low of 2,656 ringgit to the Oct. 17 high of 2,769

ringgit.

Palm, soy and crude oil prices at 1039 GMT

Contract Month Last Change Low High Volume

MY PALM OIL NOV7 2725 +10.00 2709 2729 338

MY PALM OIL DEC7 2732 +16.00 2710 2733 4634

MY PALM OIL JAN8 2744 +18.00 2721 2745 21240

CHINA PALM OLEIN JAN8 5596 +48.00 5488 5608 398432

CHINA SOYOIL JAN8 6050 +14.00 5972 6058 335988

CBOT SOY OIL DEC7 34 +0.17 33.72 34 8871

INDIA PALM OIL OCT7 0.00 +0.00 0.00 0 0

INDIA SOYOIL NOV7 671.85 +1.10 669.5 672.5 5690

NYMEX CRUDE NOV7 50.91 -0.38 50.70 51.57 1874

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 = 4.2240 ringgit)

($1 = 65.0150 Indian rupees)

($1 = 6.6190 Chinese yuan renminbi)

(Reporting by Tavleen Tarrant; Editing by Subhranshu Sahu and David Evans)