VEGOILS-Palm opens more than 1% higher on strong rival Dalian, export data

KUALA LUMPUR, March 16 (Reuters) - Malaysian palm oil futures opened more than 1% higher on Monday, extending gains for a fourth straight session, supported by strength in rival Dalian oils and export data, though weaker Chicago soyoil and crude oil prices capped the rise.

The benchmark palm oil contract FCPOc3 for June delivery on the Bursa Malaysia Derivatives Exchange gained 76 ringgit, or 1.66%, to 4,648 ringgit a metric ton in early trade.

FUNDAMENTALS

Dalian's most-active soyoil contract DBYcv1 rose 0.18%, while its palm oil contract DCPcv1 added 2.15%. Soyoil prices on the Chicago Board of Trade BOcv1 were down 0.96%.

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

Oil prices slipped, paring early gains after U.S. President Donald Trump called on other countries to help safeguard the Strait of Hormuz, a vital artery for global oil and gas shipments. O/R

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

Cargo surveyor Intertek Testing Services estimated that exports of Malaysian palm oil products for March 1-15 rose 43.5%from a month earlier, while AmSpec Agri Malaysia's estimates will be released later in the day.

The ringgit MYR=, palm's currency of trade, strengthened 0.13% against the dollar, making the commodity more expensive for buyers holding foreign currencies.

Indonesia's senior economic minister said that the country may impose additional taxes on certain commodities, such as palm oil, if the government needs to reduce the impact on the budget from rising global oil prices.

Palm oil may test support at 4,494 ringgit per metric ton, after failing twice to break resistance at 4,612 ringgit, Reuters technical analyst Wang Tao said. TECH/C

MARKET NEWS

Asian markets were in a wary mood on Monday as hostilities in the Gulf kept oil prices elevated, complicating an inflation outlook that should keep most central banks on pause at policy meetings this week, barring one possible hike. MKTS/GLOB

DATA/EVENTS

1315 US Industrial Production MM Feb