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VEGOILS-Palm snaps earlier losses on U.S. soyoil gains, weaker ringgit

Reuters

* Palm oil seen trading sideways - Trader

* Ringgit trading at 11-month lows

* Palm oil may test resistance at 2,238 rgt/T - Techs

(Updates with closing prices)

By Emily Chow

KUALA LUMPUR, Oct 22 (Reuters) - Malaysian palm oil futures

edged up on Monday, snapping two previous sessions of declines,

supported by gains in U.S. soyoil and a weaker ringgit,

palm's trading currency.

A weaker ringgit tends to support palm oil by making it

cheaper for holders of foreign currencies. The ringgit was last

down 0.1 percent against the dollar, and is at its weakest

levels since November 2017.

The benchmark palm oil contract for January delivery

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on the Bursa Malaysia Derivatives Exchange was up 0.6

percent at 2,237 ringgit ($537.87) a tonne at the end of the

trading day.

Trading volumes stood at 25,241 lots of 25 tonnes each.

(1FCPO-TOT)

"Palm is up tracking external market gains," said one

futures trader in Singapore, referring to U.S. soyoil on the

Chicago Board of Trade.

Another futures trader in Kuala Lumpur said the weaker

ringgit was also supporting palm.

In other related oils, the Chicago December soybean oil

contract gained 0.4 percent on Friday, and was last up

0.3 percent on Monday.

Meanwhile, the January soybean oil contract on the Dalian

Commodity Exchange was up 0.1 percent while the Dalian

January palm oil contract rose 0.7 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 oil may test a resistance at 2,238 ringgit per tonne, a

break above which could lead to a gain to 2,262 ringgit, said

Wang Tao, a Reuters market analyst for commodities and energy

technicals.

Palm, soy and crude oil prices at 1047 GMT

Contract Month Last Change Low High Volume

MY PALM OIL NOV8 2145 +20.00 2124 2145 1056

MY PALM OIL DEC8 2185 +11.00 2175 2194 5315

MY PALM OIL JAN9 2237 +13.00 2226 2243 13522

CHINA PALM OLEIN JAN9 4774 +34.00 4734 4776 191784

CHINA SOYOIL JAN9 5784 +4.00 5762 5802 253824

CBOT SOY OIL DEC8 29.22 +0.08 29.06 29.23 3626

INDIA PALM OIL OCT8 590.50 +0.70 587.50 591.4 606

INDIA SOYOIL NOV8 763.4 -2.20 760 764.1 12810

NYMEX CRUDE NOV8 69.20 +0.08 69.03 69.65 1601

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 = 4.1590 ringgit)

($1 = 6.9398 Chinese yuan)

($1 = 73.4400 Indian rupees)

(Reporting by Emily Chow; Editing by Rashmi Aich and Kirsten

Donovan)