VEGOILS-Palm rangebound as strong Dalian counters weak crude oil

KUALA LUMPUR, June 19 (Reuters) - Malaysian palm oil futures traded in a tight range on Thursday as support from stronger rival Dalian oils countered weaker crude oil prices.

The benchmark palm oil contract FCPOc3 for September delivery on the Bursa Malaysia Derivatives Exchange gained 2 ringgit, or 0.05%, to 4,102 ringgit a metric ton in early trade.

The contract rose for the second consecutive session.

FUNDAMENTALS

* Dalian's most-active soyoil contract DBYcv1 rose 1.17%, while its palm oil contract DCPcv1 added 0.31%. The Chicago Board of Trade BOcv1 was closed for a public holiday.

* Palm oil tracks price movements of rival edible oils as it competes for a share of the global vegetable oils market.

* Oil prices slipped as investors hesitated to take new positions after U.S. President Donald Trump gave mixed signals on the country's potential involvement in the ongoing Israel-Iran conflict. O/R

* Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.

* Indian refiners cancelled orders for 65,000 metric tons of crude palm oil (CPO) scheduled for delivery from July to September following a sudden surge in benchmark Malaysian prices, four trade sources told Reuters.

* The ringgit MYR=, palm's currency of trade, weakened 0.28% against the dollar, making the commodity slightly cheaper for buyers holding foreign currencies.

* Palm oil remains neutral in the 4,072 ringgit to 4,113 ringgit per metric ton range, and an escape could suggest a direction, Reuters technical analyst Wang Tao said. TECH/C

MARKET NEWS

* Stock markets in Asia edged lower on Thursday while safe havens such as gold and the Japanese yen gained as investors remained on edge over the possible entry of the United States into the week-old Israel-Iran air war. MKTS/GLOB

DATA/EVENTS

1100 UK BOE Bank Rate Jun

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