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VEGOILS-Palm oil edges up on weaker ringgit, soyoil strength

Reuters

* Palm up for third consecutive session

* Ringgit falls to weakest since end-2017

By Emily Chow

KUALA LUMPUR, Aug 7 (Reuters) - Malaysian palm oil futures

edged higher in early trade on Tuesday, extending gains into a

third session, on a weaker ringgit and strength in

related edible oils.

The ringgit was down 0.2 percent at 4.0830 per dollar, its

weakest since Dec. 27, and has declined 0.9 percent so far this

year.

Weakness in the ringgit, palm's currency of trade, supports

the vegetable oil by making it cheaper for holders of foreign

currencies.

"The market is up on the weaker ringgit," said a

Singapore-based futures trader.

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The benchmark palm oil contract for October delivery

on the Bursa Malaysia Derivatives Exchange was up 0.2

percent at 2,211 ringgit ($541.51) a tonne at noon.

Trading volumes stood at 10,026 lots of 25 tonnes each.

(1FCPO-TOT)

Gains in related edible oils also supported the palm oil

market, said another trader in Kuala Lumpur.

Palm oil prices are influenced by the performance of other

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

oils market.

The Chicago December soybean oil contract rose 0.6

percent, while the September soybean oil contract on China's

Dalian Commodity Exchange was up 0.6 percent.

U.S. soyoil rose in line with a rebound in soybean prices

after the U.S. Department of Agriculture pegged the crop

condition below market expectations.

Meanwhile, the Dalian September palm oil contract

edged up 0.1 percent.

Palm, soy and crude oil prices at 0608 GMT

Contract Month Last Change Low High Volume

MY PALM OIL AUG8 0 +0.00 0 0 0

MY PALM OIL SEP8 2195 +4.00 2188 2195 232

MY PALM OIL OCT8 2211 +5.00 2199 2212 3823

CHINA PALM OLEIN JAN9 4906 +10.00 4878 4920 199712

CHINA SOYOIL JAN9 5876 +36.00 5832 5882 274632

CBOT SOY OIL DEC8 29.01 +0.06 28.79 29.01 1476

INDIA PALM OIL AUG8 592.50 +0.40 591.70 593.7 158

INDIA SOYOIL AUG8 734.4 +0.55 733.5 735 1990

NYMEX CRUDE SEP8 69.18 +0.17 68.81 69.24 28042

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 = 4.0830 ringgit)

($1 = 68.8300 Indian rupees)

($1 = 6.8512 Chinese yuan)

(Reporting by Emily Chow; Editing by Subhranshu Sahu)