VEGOILS-Palm rises on stronger rival oils, but set for second week of loss

KUALA LUMPUR, Jan 10 (Reuters) - Malaysian palm oil futures opened higher on Friday, tracking stronger Dalian and Chicago edible oils, but were set for a second consecutive weekly loss. The benchmark palm oil contract FCPOc3 for March delivery on the Bursa Malaysia Derivatives Exchange rose 30 ringgit, or 0.7%, to 4,326 ringgit ($962.62) a metric ton in early trade. The contract has declined 0.89% so far this week. FUNDAMENTALS * Dalian's most-active soyoil contract DBYcv1 rose 0.67%, while its palm oil contract DCPcv1 added 0.21%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 3.2%. * Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. * Cargo surveyors are scheduled to release Jan. 1-10 export data, and the Malaysia Palm Oil Board will release its December supply-demand data later in the day. * Oil prices rose in early Asian trade and were on track for a third straight week of gains, with icy conditions in parts of the United States and Europe driving up fuel demand for heating. O/R * Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. * The Malaysian ringgit MYR= , palm's currency of trade, strengthened 0.16% against the dollar, making the commodity more expensive for buyers holding foreign currencies. * Indonesia said exports of used cooking oil and palm oil residue in recent years had exceeded production capacity, indicating crude palm oil had been mixed in and prompting it to issue regulation curbing shipments this week. * Palm oil is expected to stabilize around support at 4,263 ringgit per metric ton and bounce towards 4,362 ringgit to 4,423 ringgit range. , Reuters technical analyst Wang Tao said. TECH/C MARKET NEWS * Wall Street futures fell in Asia and Treasury yields held near eight-month highs on Friday as investors counted down to a U.S. jobs report that could exacerbate or ease the sell-off in the global bond market. MKTS/GLOB DATA/EVENTS 0400 China Overall Comprehensive Risk Q1 0400 Japan Overall Comprehensive Risk Q1 1330 US Non-Farm Payrolls Dec 1330 US Unemployment Rate Dec 1330 US Average Earnings YY Dec 1500 US U Mich Sentiment Prelim Jan ($1 = 4.4940 ringgit) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ cpo https://tmsnrt.rs/427uxCQ ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Ashley Tang; Editing by Varun H K) (([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 ))