KUALA LUMPUR, Oct 1 (Reuters) - Malaysian palm oil futures rebounded in early trade on Tuesday after two consecutive sessions of declines, as Indonesia hiked its October reference price and the ringgit weakened.
The benchmark palm oil contract FCPOc3 for December delivery on the Bursa Malaysia Derivatives Exchange gained 44 ringgit, or 1.1%, to 4,039 ringgit ($972.08) a metric ton by 0310 GMT.
The contract fell 3.71% over the last two sessions.
FUNDAMENTALS
* Indonesia will raise its crude palm oil reference price for October to $893.64 per ton from $839.53 in September, trade ministry official Farid Amir told Reuters on Monday.
* The ringgit MYR=, palm's currency of trade, weakened 0.83% against the dollar, making the commodity cheaper for buyers holding foreign currencies.
* Soyoil prices on the Chicago Board of Trade BOcv1 fell 0.48%. Dalian's vegetable oil markets were closed for China's Golden Week holiday.
* Palm oil tracks price movements of rival edible oils, as they compete for a share of the global vegetable oils market.
* Cargo surveyors, ITS and AmSpec Agri, estimate exports of Malaysian palm oil products rose between 0.8% and 1.1%, respectively, in the month of September.
* Oil prices were steady as the prospect of additional supply entering the market amid lacklustre global demandgrowth offset concerns that the escalating Middle East conflict could disrupt exports in the key producing region. O/R
* Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.
* Palm oil may stabilize around support at 3,981 ringgit and bounce to 4,067 ringgit per metric ton, Reuters technical analyst Wang Tao said. TECH/C
MARKET NEWS
* Asian stocks eased near two-and-half-year highs and the U.S. dollar firmed following hawkish comments from Federal Reserve Chair Jerome Powell that scuppered bets of big interest rate cuts, while Mid-East tension kept risk sentiment in check. MKTS/GLO
