UPDATE 1-China to allow foreign participation in Dalian palm futures from Dec 22

(Updates with background, details)

BEIJING/SHANGHAI, Nov 20 (Reuters) - China’s securities market regulator said on Friday it will give foreign investors access to trade its palm oil futures contract on the Dalian Commodity Exchange from Dec. 22.

Gao Li, a spokeswoman for the China Securities Regulatory Commission, had made the announcement at a press briefing in Beijing.

This would be China’s seventh internationalized commodities futures contract, following its launch of a new bonded copper contract on Thursday.

The Dalian exchange was earlier seeking feedback on the opening up of its palm oil futures contract in October, in line with China’s broader ambitions to become a commodities pricing power.

Foreign companies and investors currently have limited access to China’s commodities markets. Other Chinese contracts open to foreign participation so far include crude oil, TSR 20 rubber, low-sulphur fuel oil, iron ore and purified terephthalic acid.

A senior Dalian exchange official said last year that the exchange would also eventually open up its soyoil and soymeal contracts, as well as one of its soybean futures contracts.

The global benchmark palm oil contract is traded on the Bursa Malaysia Derivatives Exchange.

Reporting by Jenny Su and Emily Chow; Editing by John Stonestreet and Jacqueline Wong