VEGOILS-Palm futures opens higher on stronger rival oils

KUALA LUMPUR, April 2 (Reuters) - Malaysian palm oil futures rose on Wednesday as trading resumed after a two-day public holiday, supported by stronger rival edible oils. The benchmark palm oil contract FCPOc3 for June delivery on the Bursa Malaysia Derivatives Exchange gained 92 ringgit, or 2.08%, to 4,511 ringgit ($1,014.62) a metric ton in early trade. The contract has risen for three consecutive sessions. FUNDAMENTALS * Dalian's most-active soyoil contract DBYcv1 rose 1.16%, while its palm oil contract DCPcv1 added 2%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.27%. * Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. * Cargo surveyor Intertek Testing Services March exports rose 0.4%, while Amspec Agri is expected to release its Malaysian palm oil export estimates for March later in the day. * Oil prices steadied on Wednesday after falling in the previous session on concerns new U.S. tariffs set to be unveiled later in the day may deepen a global trade war that could limit crude demand. O/R * Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. * The ringgit MYR= , palm's currency of trade, weakened 0.23% against the dollar, making the commodity cheaper for buyers holding foreign currencies. * European Union soybean imports in the 2024/25 season that started in July had reached 10.07 million metric tons by March 30, up 7% from a year earlier, while EU palm oil imports totalled 2.04 million tons, down 23% from a year earlier, data published by the European Commission showed. * Palm oil may test resistance at 4,449 ringgit per metric ton, a break above which could open the way toward 4,500 ringgit, Reuters technical analyst Wang Tao said. TECH/C MARKET NEWS * Asian stocks stuttered on Wednesday, while the safe-haven gold was stuck near record highs as a nervous world awaited details of U.S. President Donald Trump's tariff plans, with investors fretting about the risks of an intensifying global trade war. MKTS/GLOB DATA/EVENTS 1400 US Factory Orders MM Feb ($1 = 4.4460 ringgit) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ cpo https://tmsnrt.rs/3FS7KSk ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Ashley Tang; Editing by Sonia Cheema) ((ashley.tang@thomsonreuters.com;)) ((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 ))