VEGOILS-Palm inches higher after two sessions of losses

By Mayank Bhardwaj

NEW DELHI, Oct 3 (Reuters) - Malaysian palm oil futures edged higher on Tuesday after extending losses for a second session on Monday, when buyers in top market China put off purchases due to holidays.

The benchmark palm oil contract FCPOc3 for December delivery on the Bursa Malaysia Derivatives Exchange gained 0.81%to 3,733 ringgit ($790.39) a metric ton in early trade.

Palm oil futures dropped 6.06% on a monthly basis in September after posting two consecutive monthly gains.

FUNDAMENTALS

* The Dalian Commodity Exchange is closed from Sept. 29 to Oct. 6 for Mid-Autumn Festival and National Day. Soyoil prices on the Chicago Board of Trade BOc2 were up 0.4%.

* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

* Exports of Malaysian palm oil products for September were seen rising between 5.4% and 8.1%, independent inspection company AmSpec Agri Malaysia and cargo surveyor Intertek Testing Services data showed.

* Indonesia raised its crude palm oil reference price to $827.37 a ton for the Oct. 1-15 period, which kept export tax and levy for crude palm oil unchanged at $33 and $85 per ton.

* Malaysian palm oil is expected to trade between 3,700 to 4,500 ringgit ($790-$960) per metric ton from now until mid-2024, as an El Niño weather pattern threatens supplies amid rising demand, analyst said.

* Palm oil FCPOc3 may rise into a range of 3,765-3,795 ringgit per metric ton, following its stabilisation around a support of 3,686 ringgit. TECH/C

MARKET NEWS

* Oil prices slipped 1% in early Asian trade on Tuesday, after falling to a three-week low in the previous session, on a stronger U.S. dollar, rising U.S. bond yields and mixed supply signals. O/R

DATA/EVENTS (GMT)

0330 Australia RBA Cash Rate Oct

1400 US JOLTs Job Openings Aug

($1 = 4.7230 ringgit)

(Reporting by Mayank Bhardwaj; Editing by Nivedita Bhattacharjee)

((mayank.bhardwaj@thomsonreuters.com; +91-11-4954 8030; Twitter: @MayankBhardwaj9; Reuters Messaging: mayank.bhardwaj.thomsonreuters.com@reuters.net))

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