Corrects milestone in lede to seven-month low, not seven years

SINGAPORE, Aug 15 (Reuters) -Malaysian palm oil futures firmed on Thursday for the second straight session, underpinned by tighter inventories and bargain buying after the contract touched a more than seven-month lowin the previous session.

The benchmark palm oil contract FCPOc3 for October delivery on the Bursa Malaysia Derivatives Exchange rose 10 ringgit, or 0.27%, to 3,733 ringgit ($842.66) a metric ton as of 0235 GMT.

FUNDAMENTALS

* Palm oil and soyoil imports in India, the world's top importer of vegetable oils, climbed to near one-highs in July, as refiners increased purchases for upcoming festivals amid a correction in prices, the Solvent Extractors' Association of India (SEA) said on Wednesday.

* Malaysia's palm oil stocks at the end of July fell 5.35% from the previous month to 1.73 million metric tons, the lowest since March, the Malaysian Palm Oil Board (MPOB) said on Monday.

* Dalian's most-active soyoil contract DBYcv1 gained 0.96% after falling for three consecutive sessions, while its palm oil contract DCPcv1 strengthened 1.05%. Soyoil prices on the Chicago Board of Trade BOcv1 ticked up 0.15%.

* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

* The Malaysian ringgit MYR=, palm's currency of trade, weakened 0.34% against the dollar. A weaker ringgit makes palm oil more attractive for foreign currency holders.

* Oil prices rose, recovering some of the previous day's loss, on hopes of potential U.S. interest rate cuts boosting economic activity and fuel demand, though lingering concerns over slower global demand capped gains. O/R

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

* Palm oil may edge up to resistance at 3,764 ringgit per metric ton, where a wave 4 peaked, said Reuters technical analyst Wang Tao. TECH/C

MARKET NEWS

* Asian stocks were firm, while the dollar remained on the back foot amid lower U.S. Treasury yields after benign consumer inflation data overnight reinforced bets for the Federal Reserve to start cutting interest rates next month. MKTS/GLOB

DATA/EVENTS (GMT)

0200 China Urban Investment (YTD)YY July

0200 China Retail Sales YY July

0800 China Unemp Rate Urban Area July

0600 UK GDP Est 3M/3M June

0600 UK GDP Estimate MM June

0600 UK GDP Estimate YY June

0600 UK Services MM June

0600 UK Services YY June

0600 UK Manufacturing Output MM June

0600 UK GDP Prelim QQ Q2

0600 UK GDP Prelim YY Q2

1230 US Import Prices YY July

1230 US Initial Jobless Clm 10 Aug, w/e

1230 US Philly Fed Business Indx August

1230 US Retail Sales MM July

131 US Industrial Production MM July

($1 = 4.4300 ringgit)

Reporting by Gabrielle Ng; Editing by Rashmi Aich

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