Updates with midday price, analyst's comments

KUALA LUMPUR, Aug 9 (Reuters) -Malaysian palm oil futures climbed on Friday, buoyed by stronger rival Dalian and Chicago contracts and firmer crude oil prices, but remained on track for a third consecutive weekly loss.

The benchmark palm oil contract FCPOc3 for October delivery on the Bursa Malaysia Derivatives Exchange was up 59 ringgit, or 1.59%, at 3,763 ringgit ($844.29) a metric ton by the midday break.

The contract has lost 3.9% so far this week.

Malaysian palm oil futures opened higher, lifted by a recovery in the soyoil, rapeseed oil and energy markets overnight, as well as a bullish recovery in Chinese vegetable oil futures in Asian hours, said Anilkumar Bagani, commodity research head at Mumbai-based Sunvin Group.

"The steady buying by India has further helped the palm oil cause."

Dalian's most-active soyoil contract DBYcv1 rose 0.53%, while its palm oil contract DCPcv1 advanced 1.44%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.47%.

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

Crude oil prices edged up, heading for a weekly gain of more than 3%, as U.S. jobs data calmed demand concerns and fears of a widening Middle East conflict persisted. O/R

Brent LCOc1 crude futures rose 9 cents, or 0.11%, to $79.25 a barrel by 0406 GMT. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.

The ringgit MYR=, palm's currency of trade, strengthened 0.29% against the dollar, making the commodity more expensive for buyers holding foreign currencies.

Palm oil inventories in Malaysia are expected to drop in July for the first time after rising for three consecutive months, a Reuters survey showed.

Industry regulator the Malaysian Palm Oil Board is scheduled to release its monthly palm oil data on Aug. 12.

($1 = 4.4570 ringgit)

Reporting by Danial Azhar; Editing by Sherry Jacob-Phillips and Savio D'Souza

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