By Dewi Kurniawati

JAKARTA, Nov 8 (Reuters) - Malaysian palm oil futures were set on Friday for a third straight weekly gain, as prices rose further on the back of strength in rival Dalian vegetable oils.

The benchmark palm oil contract FCPOc3 for January delivery on the Bursa Malaysia Derivatives Exchange gained 77 ringgit or 1.55%, to 5,029 ringgit ($1,147.91) a metric ton in early trade, rising for a third straight session.

The contract has gained 2.92% so far in the week.

FUNDAMENTALS

* Dalian's most-active soyoil contract DBYcv1 rose 1.5%, while its palm oil contract DCPcv1 gained 1.67%. Soyoil prices on the Chicago Board of Trade BOcv1 were down 0.62%.

* Palm oil tracks price movements of rival edible oils as it competes for a share in the global vegetable oils market.

* The ringgit MYR=, palm's currency of trade, strengthened 0.36% against the U.S. dollar, making the vegetable oil more expensive for buyers holding foreign currencies.

* Indonesia's government is proposing to increase the mandatory blend of palm oil-based fuel in biodiesel to 50% in 2028, Edi Wibowo, director of bioenergy at the Energy and Mineral Resources Ministry, told an industry conference on Thursday.

* India's vegetable oil imports are estimated to decline further in the 2024-25 season to 15 million metric tons, as favourable weather will likely boost domestic production, an industry group said.

* Malaysia's palm oil inventories are forecast to fall in October, marking their first decline in three months, on lower output and higher exports, a Reuters survey showed.

* Oil prices fell slightly as the risk that a hurricane in the Gulf of Mexico will affect U.S. oil and gas output declined while the market continues to weigh how President-elect Donald Trump's policies might affect supplies. O/R

* Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.

* Palm oil FCPOc3 may retest resistance at 5,023 ringgit, a break above which could open the way towards 5,076 ringgit to 5,112 ringgit, according to Reuters technical analyst Wang Tao. TECH/C

DATA/EVENTS

1500 US U Mich Sentiment Prelim Nov

($1 = 4.3810 ringgit)

(Reporting by Dewi Kurniawati; Editing by Subhranshu Sahu)

((Dewi.Kurniawati@thomsonreuters.com))

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