VEGOILS-Palm edges up in later trade on supportive price outlook

* Palm earlier fell to three-day low of 2,153 rgt/T

* Market up 1.3 pct on-week

* Palm prices to trade between 2,200-2,600 rgt/T in 1H

2019-analyst

(Updates with closing prices, quote)

By Emily Chow

MUMBAI, Sept 28 (Reuters) - Malaysian palm oil futures

recovered from earlier losses on Friday evening, edging up to

end the trading day higher, as the market rose on a supportive

price outlook by an industry analyst.

The benchmark palm oil contract for December delivery

on the Bursa Malaysia Derivatives Exchange was up 0.2

percent at 2,170 ringgit ($524.53) a tonne at the end of the

trading day.

The market has also gained 1.3 percent for the week.

Trading volumes stood at 72,295 lots of 25 tonnes each at

noon. (1FCPO-TOT)

"The market is looking forward on the price outlook," said a

Kuala Lumpur-based trader, referring to the price forecast given

by analyst Thomas Mielke at an industry conference in Mumbai.

Crude palm oil prices are seen trading between 2,200 ringgit

and 2,600 ringgit a tonne in the first half of 2019, said

Mielke, adding that there was limited downside potential at

current price levels and that palm would bottom out at about

2,100 ringgit.

Meanwhile, another industry analyst, Dorab Mistry, said that

palm oil prices needed to go below 2,100 ringgit to remain

competitive.

Mistry also pegged Malaysia's peak end-stocks at 3-3.3

million tonnes for the year, while estimating that Indonesia's

inventories are currently close to 5 million tonnes and will

keep rising.

Malaysian inventories last rose to a seven-month high of

2.49 million tonnes in August, according to official data from a

Malaysian industry regulator.

In other related oils, the Chicago September soybean oil

contract dropped as much as 0.6 percent, while the

January soybean oil contract on the Dalian Commodity Exchange

rose 0.03 percent.

Meanwhile, the Dalian January palm oil contract was

down 0.4 percent.

Palm oil prices are affected by movements of other edible

oils, as they compete for a share in the global vegetable oils

market.

Palm, soy and crude oil prices at 1030 GMT

Contract Month Last Change Low High Volume

MY PALM OIL OCT8 2109 -8.00 2090 2112 211

MY PALM OIL NOV8 2140 -2.00 2118 2159 11953

MY PALM OIL DEC8 2170 +4.00 2149 2183 30087

CHINA PALM OLEIN JAN9 4698 -20.00 4670 4732 283580

CHINA SOYOIL JAN9 5854 +2.00 5830 5880 285784

CBOT SOY OIL OCT8 28.7 -0.16 28.7 28.8 98

INDIA PALM OIL SEP8 593.20 -0.40 593.20 593.8 163

INDIA SOYOIL OCT8 745 +1.00 744.1 746.2 5510

NYMEX CRUDE NOV8 72.06 -0.06 72.03 72.38 82270

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 = 4.1370 ringgit)

($1 = 72.5650 Indian rupees)

($1 = 6.8840 Chinese yuan)

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

Adrian Croft)