VEGOILS-Palm rises for third session on stronger Dalian rivals

KUALA LUMPUR, Oct 9 (Reuters) – Malaysian palm oil futures rose for a third straight session on Thursday, tracking rival Dalian oils, although weaker crude oil prices capped the gains. The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange gained 28 ringgit, or 0.62%, to 4,573 ringgit ($1,085.71) a metric ton in early trade. FUNDAMENTALS * Dalian's most-active soyoil contract rose 2.49%, while its palm oil contract climbed 3.74%. Soyoil prices on the Chicago Board of Trade were down 0.31%. * Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. * Trading resumed in Chinese markets after the National Day holiday from October 1 to 8. * Oil prices fell in early trade after Israel and Hamas agreed to the first phase of a plan to end the war in Gaza, weighing on oil's war risk premium and pushing investors to sell. * Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. * The ringgit, palm's currency of trade, strengthened 0.05% against the dollar, making the commodity slightly expensive for buyers holding foreign currencies. MARKET NEWS * Asian stock markets resumed their ascent as investors doubled down on all things AI-related, while gold held atop $4,000 and the dollar retained its recent hefty gains. DATA/EVENTS 0900 Germany Overall Comprehensive Risk Q4 0900 France Overall Comprehensive Risk Q4 0900 UK Overall Comprehensive Risk Q4 ($1 = 4.2120 ringgit) (Reporting by Ashley Tang; Editing by Subhranshu Sahu)

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