VEGOILS-Palm oil ends at over 1-week low as crude drops

(Recasts, adds graf on Dorab Mistry)

* Brent falls below $83 on oversupply

* Malaysia's Oct palm stocks seen at 19-mth high of 2.16 mln

T-Reuters poll

* Dalian vegoil futures undervalued, Chinese vegoil stocks

too low - Mistry

By Anuradha Raghu

KUALA LUMPUR, Nov 6 (Reuters) - Malaysian palm oil futures

fell to their lowest in over a week on Thursday, reversing gains

made earlier in the session as a turn lower in crude oil prices

triggered a sell off, traders said.

Brent crude oil fell below $83 a barrel on Thursday, as

apparent momentum towards a deal between Iran and world powers

over its nuclear programme and a U.S. inventory build added to

concerns of oversupply.

The Malaysian ringgit also advanced late Thursday,

and was trading at 3.3355 per dollar by 1022 GMT, after falling

to Feb. 4 lows of 3.3450 per dollar.

"The weaker tone in crude oil, and a slight improvement in

the ringgit value pushed the market lower," said a trader with a

foreign commodities brokerage in Kuala Lumpur.

"Prices had rebounded, but were unable to sustain. People

who overbought in the morning cut their losses in afternoon

trade," the trader added.

The benchmark January contract on the Bursa

Malaysia Derivatives Exchange slipped for a third day to 2,217

ringgit, the lowest since Oct. 28, before settling down 1.3

percent at 2,223 ringgit ($666) per tonne. Prices earlier rose

as much as 1 percent to 2,275 ringgit.

Total traded volume stood at 53,064 lots of 25 tonnes, above

the usual 35,000 lots.

The U.S. soyoil contract for December fell 0.5

percent in late Asian trade, while the most active January

soybean oil contract on the Dalian Commodities Exchange

shed 0.2 percent.

Both contracts have tumbled about 19 percent so far this

year, outstripping palm's losses of around 16 percent.

Chicago soybean futures edged lower on Thursday amid

expectations that rapid harvesting of record U.S. crops would

boost global supplies.

A Reuters survey of planters, traders and analysts on

Thursday show that Malaysian palm oil stocks likely rose further

to a 19-month high of 2.16 million tonnes at the end of October,

as exports of the tropical oil dipped.

Leading analyst Dorab Mistry said that vegetable oil futures

on the Dalian Commodity Exchange (DCE) are undervalued against

the cash market as they do not reflect doubts over U.S.

carry-over stocks, deterring imports into China, the world's

No.2 consumer.

Mistry also said that imported vegetable oil stocks in

China, especially palm oil, were "too low at present", and that

prices of Dalian refined, bleached and deodorised palm olein

futures had to rise to facilitate more imports of the oil.

Palm, soy and crude oil prices at 1028 GMT

Contract Month Last Change Low High Volume

MY PALM OIL NOV4 2219 -9.00 2219 2220 29

MY PALM OIL DEC4 2230 -28.00 2220 2278 3542

MY PALM OIL JAN5 2223 -29.00 2217 2275 28541

CHINA PALM OLEIN JAN5 5220 -44.00 5164 5240 517010

CHINA SOYOIL MAY5 5864 -14.00 5832 5884 348230

CBOT SOY OIL DEC4 32.58 +0.00 32.55 32.84 6217

INDIA PALM OIL NOV4 0.00 +0.00 0.00 0.00 0

INDIA SOYOIL NOV4 0.00 +0.00 0.00 0.00 0

NYMEX CRUDE DEC4 78.54 -0.14 78.28 78.98 25652

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 = 3.332 Malaysian ringgit)

($1 = 6.1131 Chinese yuan)

($1 = 61.41 Indian rupee)

(Editing by Michael Urquhart)