Updates with midday price, trader's comments

KUALA LUMPUR, July 19 (Reuters) -Malaysian palm oil futures were little changed on Friday as traders awaited export estimates for further cues, but looked set for a weekly gain.

The Bursa Malaysia Derivatives Exchange's benchmark palm oil contract FCPOc3 for October delivery was down 0.05% to 3,935 ringgit ($841.89) a metric ton by the midday break.

The contract has gained 0.5% so far this week, after falling 3.14% last week.

The market is trying to gauge the upside potential in July's production and the likely drop in stock levels due to higher exports, a Mumbai-based trader said.

"Palm oil export numbers have been quite robust so far this month," the trader added.

Cargo surveyors are expected to release Malaysian palm oil export estimates for July 1-20 on Saturday.

Dalian's most-active soyoil contract DBYcv1 gained 0.97%, while its palm oil contract DCPcv1 lost 0.48%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.52%.

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

Meanwhile, oil prices fell and were set for a second weekly decline, as a strong dollar and mixed economic signals weighed on investor sentiment. O/R

Brent crude LCOc1 was down 0.55% to $84.64 a barrel by 0516 GMT. Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.

The ringgit MYR=, palm's currency of trade, weakened 0.19% against the dollar, making the commodity less expensive for buyers holding foreign currencies.

Malaysia maintained its August export tax for crude palm oil at 8.0% and raised its reference price, a circular on the Malaysian Palm Oil Board website showed.

Palm oil may break support at 3,913 ringgit per metric ton and fall into a range of 3,851-3,873 ringgit, Reuters technical analyst Wang Tao said.

($1 = 4.6740 ringgit)

Reporting by Danial Azhar and Rajendra Jadhav in Mumbai; Editing by Varun H K

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