VEGOILS-Palm advances, spurred by stronger rival oils, crude oil

KUALA LUMPUR, Jan 13 (Reuters) - Malaysian palm oil futures opened higher on Tuesday for a second straight session, tracking moves in rival vegetable oils and crude oil prices.

The benchmark palm oil contract FCPOc3 for March delivery on the Bursa Malaysia Derivatives Exchange gained 39 ringgit, or 0.95%, to 4,129 ringgit ($1,018.75) a metric ton in early trade.

FUNDAMENTALS

* Dalian's most-active soyoil contract DBYcv1 rose 0.65%, while its palm oil contract DCPcv1 added 1.85%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.54%.

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

* Oil prices edged higher, as heightened concerns surrounding Iran and potential supply disruptions outweighed the prospect of increased crude supply from Venezuela. O/R

* Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.

* Malaysia's palm oil inventories surged in December to a near seven-year high, breaching the psychologically important 3 million-metric-ton threshold, as the strongest monthly output in eight years eclipsed only a modest rebound in exports.

* Cargo surveyors estimated that exports of Malaysian palm oil products for January 1-10 rose between 17.7% and 29.2% from a month earlier.

* China's agriculture ministry raised its forecast for corn and soybean production, while keeping import estimates for both unchanged for the 2025/26 crop year in its January outlook.

* The ringgit MYR=, palm's currency of trade, strengthened 0.15% against the dollar, making the commodity slightly more expensive for buyers holding foreign currencies.

* Palm oil may rise toward 4,180 ringgit per metric ton, as it has climbed above a key resistance at 4,099 ringgit, Reuters technical analyst Wang Tao said. TECH/C

MARKET NEWS

* A surge in Japanese shares led Asia higher on Tuesday amid investor bullishness over all things AI, while the cloud of uncertainty over Federal Reserve independence favoured gold even as it weighed on the dollar. MKTS/GLOB

DATA/EVENTS

1330 US Core CPI MM, SA Dec

1330 US CPI YY, NSA Dec

1330 US CPI Wage Earner Dec

1500 US New Home Sales-Units Oct

($1 = 4.0530 ringgit)

(Reporting by Ashley Tang; Editing by Ronojoy Mazumdar)

((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