Update with midday prices, add analyst comments

By Dewi Kurniawati

JAKARTA, July 30 (Reuters) -Malaysian palm oil futures rose on Tuesday, supported by a stronger palm oil contract on the Dalian Commodity Exchange, and the Chicago soyoil.

The benchmark palm oil contract FCPOc3 for October delivery on the Bursa Malaysia Derivatives Exchange gained 11 ringgit or 0.28% to 3,919 ringgit ($847.72) per metric ton by the midday break.

"Bursa Malaysia crude palm oil futures were seen trading higher today following a recovery in Chicago soyoil futures from the early setback on Monday overnight and in South American CDSBO FOB markets," said Anilkumar Bagani, commodity research head at Mumbai-based Sunvin Group.

Some bargain buying was seen in the futures, he added.

Dalian's palm oil contract DCPcv1 was up 1.47%, while soyoil prices on the Chicago Board of Trade BOcv1 were up 0.14%, although the Dalian soyoil contract DBYcv1 slipped 0.23%.

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

Indonesia's palm oil exports in May were 1.97 million metric tons, an 11.8% drop from a year earlier, data from the country's palm oil association GAPKI showed on Monday.

Meanwhile, Indonesia's Trade Ministry is planning to revise the domestic market obligation rules for palm oil to potentially change the prices for the portion and types of product sold to the local market.

Palm oil may break support at 3,881 ringgit and fall to 3,849 ringgit, Reuters technical analyst Wang Tao said. TECH/C

($1 = 4.6230 ringgit)

Reporting by Dewi Kurniawati; Editing by Savio D'Souza and Varun H K

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