KUALA LUMPUR, Oct 13 (Reuters) – Malaysian palm oil futures opened more than 1% lower on Monday for a second straight session, tracking weakness in rival Dalian oils, though stronger crude oil prices and Chicago soyoil limited the losses. The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange slid 61 ringgit, or 1.34%, to 4,483 ringgit ($1,062.07) a metric ton in early trade. FUNDAMENTALS * Dalian's most-active soyoil contract fell 0.84%, while its palm oil contract shed 1.5%. Soyoil prices on the Chicago Board of Trade were up 0.32%. * Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. * Oil prices clawed back some gains after hitting five-month lows in the previous session as investors hoped potential talks between the presidents of the U.S. and China could ease trade tensions between the world's two largest economies and oil consumers. * Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. * The ringgit, palm's currency of trade, strengthened 0.02% against the dollar, making the commodity slightly more expensive for buyers holding foreign currencies. * Cargo surveyors estimated that exports of Malaysian palm oil products for October 1-10 rose between 9.9% and 19.4%compared with the same period a month earlier. * The Malaysian government estimates the average price of crude palm oil to range between 3,900 ringgit ($925.05) and 4,100 ringgit per metric ton next year, due to higher global production and increased output of rival oils. * Palm oil may stabilise around support at 4,530 ringgit per metric ton and resume its rise towards 4,604 ringgit, Reuters technical analyst Wang Tao said. MARKET NEWS * Asian stocks got off to a rocky start on Monday after fresh broadsides in the U.S.-China trade war spooked markets with already stretched valuations, though there were signs risk sentiment had steadied with Wall Street futures bouncing. DATA/EVENTS No data/events expected for Monday ($1 = 4.2210 ringgit) (Reporting by Ashley Tang; Editing by Rashmi Aich)
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