VEGOILS-Palm oil tracks Dalian rivals higher, but set for second weekly loss

By Dewi Kurniawati JAKARTA, April 11 (Reuters) - Malaysian palm oil futures opened higher on Friday, tracking stronger rival edible oils in Dalian market, although the contract is on track for a second weekly loss. The benchmark June palm oil contract FCPOc3 on the Bursa Malaysia Derivatives Exchange gained 12 ringgit, or 0.29%, to 4,212 ringgit ($949.50) a metric ton in early trade. The contract fell 3.05% so far this week. FUNDAMENTALS * Dalian's most-active soyoil contract DBYcv1 added 0.3%, while its palm oil contract DCPcv1 gained 1.3%. Soyoil prices on the Chicago Board of Trade (CBOT) BOcv1 fell 0.43%. * Palm oil tracks price movements of rival edible oils as it competes for a share of the global vegetable oils market. * Malaysia's palm oil stocks posted their first rise in six months in March, as production recovered and imports rose sharply, offsetting strong festive demand, data from the industry regulator showed on Thursday. * The stocks at the end of March rose 3.52% from the previous month to 1.56 million metric tons. * Independent inspection company AmSpec Agri Malaysia said exports of Malaysian palm oil products for April 1 - 10 rose 52.8% to 301,113 metric tons, while according to cargo surveyor Intertek Testing Services it rose 29.3% to 323,160 metric tons. * Oil prices fell on Friday and were set to drop for a second week on concerns prolonged trade war between the United States and China, the world's largest economies, will crush crude consumption as their dispute curtails economic growth. O/R * Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. * The ringgit MYR= , palm's currency of trade, strengthened 0.67% against the U.S. dollar, making the commodity more expensive for buyers holding foreign currencies. MARKET NEWS * Global stocks slumped and the dollar sank further on Friday, while a manic bond selloff took hold in a brutal end to the week of tit-for-tat worldwide tariffs that have fed fears of a deep recession and shaken investor confidence in U.S. assets. MKTS/GLOB DATA/EVENTS 0300 China Overall Comprehensive Risk Q2 0300 Japan Overall Comprehensive Risk Q2 0600 Germany HICP Final YY 0600 UK GDP Est 3M/3M Feb 0600 UK GDP Estimate MM, YY Feb 1400 UK Services MM, YY Feb 1400 UK Manufacturing Output MM February 1230 US PPI Machine Manuf'ing March 1400 US U Mich Sentiment Prelim April ($1 = 4.4360 ringgit) (Reporting by Dewi Kurniawati) ((Dewi.Kurniawati@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 ))