Yahoo News (13/11/2019) - SINGAPORE, Nov 13 (Reuters) - Malaysian palm oil futures rose on Wednesday, recovering some lost ground after the previous session's sharp fall, as the ringgit weakened, although cheaper rival oils capped gains. The benchmark palm oil contract on the Bursa Malaysia Derivatives Exchange was up 0.5% at 2,615 ringgit ($631.95). It slipped nearly 1% in the previous session. The ringgit fell 0.2% against the dollar, making the edible oil cheaper for holders of foreign currencies. However, cheaper palm oil alternatives on the Dalian exchange capped the upside. Dalian prices fell because of "profit-taking induced by bearish soy oil futures on the Chicago Board of Trade", said Mumbai-based vegetable oil broker Anilkumar Bagani. Soyoil futures have been bearish on the Chicago Board Of Trade due to slow harvest and uncertainty over the U.S-China trade deal. Dalian's January palm oil contract traded 0.5% lower, while the soyoil contract fell 0.6%. Elsewhere, the U.S. soyoil futures on the Chicago Board of Trade were up 0.2%. Palm oil is affected by price movements in related oils as they compete for share in the global vegetable oils market. Palm oil still targets a range of 2,543-2,573 ringgit per tonne, as it failed to break a strong resistance at 2,666 ringgit, Reuters analyst Wang Tao said. FUNDAMENTALS * U.S. soybean futures edged higher on Wednesday, after touching a one-month trough in the previous session, as the U.S. Department of Agriculture pegged the pace of harvest below market expectations. * Oil prices dipped as prospects for a trade deal between the United States and China dimmed, weighing on the outlook for the global economy and energy demand. MARKET NEWS * Asian stocks and Wall Street futures fell on growing worries U.S.-China trade talks are stalling after President Donald Trump failed to deliver any new information about when the two countries would sign a trade deal. * The benchmark S&P 500 stock index eked out a slim gain on Tuesday as President Donald Trump said the United States is close to signing an initial trade deal with China but offered no new details about negotiations. * The dollar clung to most of its recent gains on Wednesday after Trump said a trade deal with China was "close" but offered no new details on negotiations to send the greenback higher. DATA/EVENTS (GMT) 0700 Germany HICP Final YY Oct 0930 UK CPI YY Oct 1330 US CPI MM, SA Oct 1600 US Federal Reserve Chairman Jerome Powell testifies PALM, CRUDE, SOY OIL PRICES AT 0312 GMT Contract Month Last Change Low High Volume MY PALM OIL JAN0 2617 +13.00 2602 2624 4754 MY PALM OIL DEC9 2565 +12.00 2550 2565 134 MY PALM OIL JAN0 2617 +13.00 2602 2624 4754 CHINA PALM JAN0 5508 -14.00 5476 5516 125068 OLEIN 6 CHINA SOYOIL JAN0 6442 -28.00 6424 6458 396982 CBOT SOY OIL DEC9 31.12 +0.09 31.02 31.18 3145 INDIA PALM NOV9 0.00 +0.00 0.00 0 0 OIL INDIA SOYOIL NOV9 0 +0.00 0 0 0 NYMEX CRUDE DEC9 56.72 -0.08 56.59 56.80 12060 ($1 = 4.1380 ringgit) (Reporting by Fathin Ungku; Editing by Subhranshu Sahu) Read more at https://sg.news.yahoo.com/vegoils-palm-rises-weaker-ringgit-031650153.html