VEGOILS-Palm ticks up on bargain buying, stronger Dalian oils

(Updates midday prices, adds traders' comments) KUALA LUMPUR, Nov 28 (Reuters) - Malaysian palm oil futures inched higher on Thursday, supported by bargain buying and strength in rival Dalian oils. The benchmark palm oil contract FCPOc3 for February delivery on the Bursa Malaysia Derivatives Exchange rose 6 ringgit, or 0.13%, to 4,804 ringgit ($1,081.49) a metric ton at the midday break. The contact gained 3.36% over the last three consecutive sessions. Crude palm oil futures were seen recovering after opening lower on bargain buying as the tightness of palm oil supply is still observed, said Anilkumar Bagani, research head at Sunvin Group. Separately, a Kuala Lumpur-based trader said the sell off in overnight Chicago soyoil had a spillover effect on crude palm oil futures this morning, but the price movements in rival Dalian oils capped prices from falling further. Dalian's most-active soyoil contract DBYcv1 rose 0.05%, while its palm oil contract DCPcv1 added 1.46%. The Chicago Board of Trade was closed for Thanksgiving holiday. Palm oil tracks price movements of rival edible oils as it competes for a share of the global vegetable oils market. Oil prices edged lower in Asian trading, after a surprise jump in U.S. gasoline stocks ahead of the nation's Thanksgiving holiday sparked demand worry in the top consumer of the motor fuel. O/R Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. The ringgit MYR= , palm's currency of trade, weakened 0.05% against the U.S. dollar, making the commodity cheaper for buyers holding foreign currencies. Palm oil may retrace into the 4,679-4,731 ringgit per metric ton range as it faces resistance at 4,868 ringgit, Reuters technical analyst Wang Tao said. TECH/C ($1 = 4.4420 ringgit) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ cpo https://tmsnrt.rs/4eQyu1a ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Ashley Tang; Editing by Rashmi Aich and Sumana Nandy) (([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 ))