VEGOILS-Palm oil ends higher on rival oils strength, weaker ringgit

(Updates with closing prices) By Dewi Kurniawati JAKARTA, Nov 6 (Reuters) - Malaysian palm oil futures closed up on Wednesday, supported by gains in rival vegetable oils and a weaker ringgit, while investors look for cues from an industry conference in Indonesia starting later this week and Malaysian Palm Oil Board data due next week. The benchmark palm oil contract FCPOc3 for January delivery on the Bursa Malaysia Derivatives Exchange gained 112 ringgit or 2.33%, to 4,918 ringgit ($1,117.73) a metric ton on the closing. "The futures market is waiting for new leads from the Bali conference and MPOB official data next week," said a Kuala Lumpur-based trader. The two-day Indonesian Palm Oil Conference in Bali starts on Thursday, while the MPOB data is scheduled to be out on Nov. 11. Dalian's most-active soyoil contract DBYcv1 rose 0.51%, while its palm oil contract DCPcv1 gained 0.48%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.33%. Palm oil tracks price movements of rival edible oils as it competes for a share in the global vegetable oils market. The ringgit MYR= , palm's currency of trade, weakened 1.38% against the U.S. dollar, making vegetable oil cheaper for buyers holding foreign currencies. India's palm oil imports surged 59% in October to a three-month high compared to the previous month, as refiners boosted purchases to replenish stocks depleted by lower-than-usual imports in recent months and strong festive demand. Malaysia's palm oil inventories are forecast to fall in October, marking their first decline in three months, due to lower output and higher exports, a Reuters survey showed. Oil prices fell as much as 2% on Wednesday after two sessions of gains, as the dollar surged on projections that Republican Donald Trump had won the U.S. presidential election, and as U.S. crude stocks rose more than forecast. O/R Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. ($1 = 4.4000 ringgit) (Reporting by Dewi Kurniawati; Editing by Varun H K, Subhranshu Sahu and Vijay Kishore) (([email protected])) ((For a table on Malaysian physical palm oil prices, including refined oil, Reuters Terminal users can double click on or type OILS/MY01 . * To view freight rates from Peninsula Malaysia/Sumatra to China, India, Pakistan and Rotterdam, please key in OILS/ASIA2 and press enter, or double click between the brackets. * Reuters Terminal users can see cash and futures edible oil prices by double clicking on the codes in the brackets: To go to the next page in the same chain, hit F12. To go back, hit F11. Vegetable oils OILS/ASIA1 Malaysian palm oil exports SGSPALM1 CBOT soyoil futures 0#BO: CBOT soybean futures 0#S: Indian solvent SOLVENT01 Dalian Commodity Exchange DC/MENU Dalian soyoil futures 0#DBY: Dalian refined palm oil futures 0#DCP: Zhengzhou rapeseed oil 0#COI: European edible oil prices/trades OILS/E ))