Updates midday prices and trader's comments

KUALA LUMPUR, Oct 10 (Reuters) -Malaysian palm oil futures inched higheron Thursday after two straight sessions of falls, as traders waited for further cues from the release of the Malaysia Palm Oil Board (MPOB)'ssupply and demand data.

The benchmark palm oil contract FCPOc3 for December delivery on the Bursa Malaysia Derivatives Exchange gained 9 ringgit, or 0.21%,to 4,261 ringgit ($993.24) a metric ton at the midday break.The contract fell 2.1% in the last two sessions.

"The Malaysian palm oil futures today will hinge on how the trade reads the MPOB data. Let's wait," Paramalingam Supramaniam, director at Selangor-based brokerage Pelindung Bestari said.

The MPOB released its supply-demand data for September during the midday break. It stated that Malaysia's palm oil stocks at the end of September rose 6.93% from the previous month, the highest level in eight months, while crude palm oil production was down 3.80% and palm oil exports rose 0.93%.

Dalian's most-active soyoil contract DBYcv1 rose 0.83%,while its palm oil contract DCPcv1 climbed 0.39%.Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.14%.

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

The ringgit MYR=, palm's currency of trade, weakened 0.33%against the dollar, making the commodity cheaper for buyers holding foreign currencies.

Oil prices rose, underpinned by a spike in fuel demand as a major storm barrelled into Florida and on concerns about potential supply disruptions in the Middle East amid heightened tensions between Israel and major oil producer Iran.O/R

Brent crude futures LCOc1 for December were up 0.74%at $77.15 a barrel, as of 0533 GMT. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.

Palm oil may bounce to 4,293 ringgit per ton, as it failed again to break support at 4,206 ringgit, Reuters technical analyst Wang Tao said. TECH/C

($1 = 4.2900 ringgit)

Reporting by Ashley Tang; Editing by Subhranshu Sahu and Janane Venkatraman

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