ICE canola futures rise on tariffs suspension relief

All figures in Canadian dollars unless noted

WINNIPEG, Manitoba - Feb. 4 (Reuters) - ICE canola futures rose Tuesday and were stronger than most vegoils, as relief about tariffs continued to calm the market.

• March canola RSH5 settled up $6.70 at $647.20 per metric ton, a second day of gains.

• Traders said U.S. President Donald Trump's decision to suspend his threat of 25% tariffs on Canadian products is a relief for people worried about exposure to volatile politics.

Trump's threat is only lifted for 30 days from Monday, but traders have at least some breathing room and "we'll have to see how the next month goes," said a trader. Canadian canola seed, oil and meal all have major markets in the U.S.

Canadian canola futures had weakened over fears that demand for canola oil would lose demand from U.S. biodiesel producers if tariffs were applied.

• Chicago Board of Trade soyoil futures BOv1 fell 1.61% on likelihood of more competition from Canadian canola oil. Soybeans Sv1 rose on relief that trade disputes are now less likely to affect exports, now that Mexico and Canada have a 30-day reprieve.

• Euronext rapeseed futures COMc1 rose 0.58% and Malaysian palm oil futures FCPOc3 fell 1.35%. POI/

• The Canadian dollar CAD= hit a 13 day high while the U.S. dollar fell on tariff-suspension relief. CAD/