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VEGOILS-Palm rebounds to break 3-week high as rival oils gain

* Palm records fourth gain out of five sessions

* Market reaches intraday high of 2,674 rgt/t, strongest

since May 11

* Better performing rival oils prop up the market – trader

(Updates latest prices, quote)

By Emily Chow

KUALA LUMPUR, June 3 (Reuters) – Malaysian palm oil futures

rebounded from losses made in early trade, rising to a three and

a half week high on Friday evening as better performing rival

oils lent support to palm prices, despite a stronger ringgit

.

A stronger ringgit usually makes palm oil more expensive for

holders of foreign currencies, weighing on palm oil prices. The

ringgit rose 0.1 percent against the dollar on Friday evening,

rebounding from a three-month low reached in a previous session

to reach 4.1440.

The palm oil contract for August delivery on the

Bursa Malaysia Derivatives Exchange rose 0.9 percent to reach

2,666 ringgit ($ 643) per tonne at the close of trade. It earlier

reached an intraday and three and a half week high of 2,674

ringgit, matching the strongest levels on May 12.

Traded volumes stood at 46,578 lots of 25 tonnes each in the

evening, compared with the 2015 average of 44,600.

Palm also recorded a weekly rise of 4.1 percent, a second

consecutive week of gains after two earlier weeks of losses.

“Palm rose on overseas strength, which triggered technical

buying when the market failed to ease lower in the afternoon

session,” said a Kuala Lumpur-based trader, referring to other

vegetable oils that impact palm’s performance.

“The Dalian’s afternoon performance gave palm the boost,”

commented another trader on the Dalian Commodity Exchange.

The Chicago Board of Trade soyoil contract for July

gained 0.9 percent, while the September soybean oil contract on

the Dalian Commodity Exchange rose 2.6 percent.

The most actively traded September contract for

palm olein on the Dalian Commodity exchange gained 1.9 percent

on Friday evening.

The offer price for crude palm kernel oil stood at 5,324.14

ringgit per tonne (PKO-MYSTH-M1) in the evening, according to

price assessments by Thomson Reuters.

Palm, soy and crude oil prices at 1040 GMT:

Contract Month Last Change Low High Volume

MY PALM OIL JUN6 2620 +20.00 2620 2660 5

MY PALM OIL JUL6 2678 +22.00 2636 2687 1499

MY PALM OIL AUG6 2665 +23.00 2621 2674 24219

CHINA PALM OLEIN SEP6 5366 +102.00 5312 5380 758114

CHINA SOYOIL SEP6 6118 +154.00 6022 6118 663800

CBOT SOY OIL JUL6 32.53 +0.27 32.12 32.67 9008

INDIA PALM OIL JUN6 535.00 +1.60 532.00 536.4 954

INDIA SOYOIL JUN6 652.8 +1.45 650.2 653.5 21480

NYMEX CRUDE JUL6 49.20 +0.03 48.98 49.41 50501

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 = 4.1440 ringgit)

($ 1 = 67.3100 Indian rupees)

($ 1 = 6.5858 Chinese yuan)

(Reporting by Emily Chow; Editing by Sherry Jacob-Phillips and

David Evans)

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