KUALA LUMPUR, Oct 16 (Reuters) -Malaysian palm oil futures opened higher on Wednesday, bouncing back after two consecutive sessions of declines, on the strength of rival oils and crude oil prices.

The benchmark palm oil contract FCPOc3 for January delivery on the Bursa Malaysia Derivatives Exchange gained 67 ringgit, or 1.58%, to 4,306 ringgit a metric ton during early trade.

The contract had shed 1.89% in the past two sessions.

FUNDAMENTALS

* Dalian's most-active soyoil contract DBYcv1 rose 1.39%, while its palm oil contract DCPcv1 gained 1.46%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.31%.

* Palm oil tracks prices of rival edible oils as they compete for a share of the global vegetable oils market.

* Oil rose in early Asian trade on continued uncertainty over the Middle East conflict, after shedding as much as $5 this week to its lowest since early Oct. on demand concerns. O/R

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

* The ringgit MYR=, palm's currency of trade, strengthened 0.21% against the U.S. dollar, making the commodity more expensive for buyers holding foreign currencies.

* Palm oil prices are expected to remain stable above 4,000 ringgit ($928.94) per metric ton in October despite ongoing uncertainty in the market, state agency Malaysian Palm Oil Council said.

* Cargo surveyors estimate exports of Malaysian palm oil products rose between 14% and 15.6% during Oct. 1-15, compared with the same period a month ago.

* European Union soybean imports so far in the 2024-25 season that started in July was up 8% from 3.25 million tons a year ago, while EU palm oil imports were down 29% at 792,500 tons, data published by the European Commission showed.

* Palm oil may bounce to 4,346 ringgit per metric ton, as it managed to hover around a rising trendline, Reuters technical analyst Wang Tao said. TECH/C

MARKET NEWS

* Asian equities fell on Wednesday after disappointing earnings from Europe's biggest tech firm ASMLASML.AS dragged down chip stocks globally, while expectations that the Federal Reserve will take a modest rate cut path propped up the dollar. MKTS/GLOB

DATA/EVENTS

0600 UK Core CPI YY Sept

0600 UK CPI YY Sept

0600 UK CPI Services MM Sept

1230 US Import Prices YY Sept

Reporting by Ashley Tang; Editing by Sumana Nandy

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