Updates closing prices

SINGAPORE, Aug 30 (Reuters) -Malaysian palm oil futures rose for the second straight session on Friday, posting theirfirst monthly gain inthree months, as firmer rivaloil contracts lent support to the market, while traders awaited news from India and top producer Indonesia onimport and export taxes.

The benchmark palm oil contract FCPOc3 for November delivery on the Bursa Malaysia Derivatives Exchange closed 38 ringgit, or 0.96%, higher at 3,978 ringgit ($920.83)a metric ton.

The contract gained 2.87% week-on-week and 1.79% for the month, logging its first monthly rise since June.

The palm market is tracking the rise in Chicago soyoil and Dalian oils higher, while there is a sudden buying in the cash market, and overall sentiment remains strong as buyers are actively buying on dips, said Lingam Supramaniam, director at Selangor-based brokerage Pelindung Bestari.

Dalian's most active soyoil contract DBYcv1 climbed 1.73%, while its palm oil contract DCPcv1 advanced 1.03%. Soyoil prices on the Chicago Board of Trade BOcv1 added 0.57%.

Palm oil tracks price movements in related oils as they compete for a share in the global vegetable oils market.

Meanwhile, themarket is also expecting Indonesia to increase its referenceprice in September, Lingam added.

Indonesia is due to set its palm oil reference price and export tax and levy for September by the end of the month.

Key importer India is considering a hikein import taxes on vegetable oils, which could weaken demandand reduce overseas purchases of palm oil.

The Malaysian ringgit MYR=, palm's currency of trade, weakened 0.19% against the dollar. A weaker ringgit makes palm oil more attractive for foreign currency holders.

Oil prices edged higher on Friday and were on track for a weekly gain as Libyan output disruptions and Iraqi plans to curb production raised supply concerns, while data showing the U.S. economy grew faster than initial estimates eased recession fears. O/R

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

($1 = 4.3200 ringgit)

Reporting by Gabrielle Ng; Editing by Varun H K, Sonia Cheema and Shreya Biswas

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European edible oil prices/trades OILS/E