Updates with midday break prices, trader comment in paragraph 3

By Dewi Kurniawati

JAKARTA, Nov 6 (Reuters) -Malaysian palm oil futures rose on Wednesday, supported by gains in Dalian soyoil and a weaker ringgit, while investors look for cues from an industry conference in Indonesia starting later this week and Malaysian Palm Oil Board data due next week.

The benchmark palm oil contract FCPOc3 for January delivery on the Bursa Malaysia Derivatives Exchange gained 28 ringgit or 0.58%, to 4,834 ringgit ($1,098.64) a metric ton by the midday break.

"The futures market is waiting for new leads from the Bali conference and MPOB official data next week," said a Kuala Lumpur-based trader.

The two-day Indonesian Palm Oil Conference in Bali starts on Thursday, while the MPOB data is scheduled to be out on Nov. 11.

Dalian's most-active soyoil contract DBYcv1 rose 0.39%, while its palm oil contract DCPcv1 lost 0.08%. Soyoil prices on the Chicago Board of Trade BOcv1 were down 0.69%.

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

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

The ringgit MYR=, palm's currency of trade, weakened 1.38% against the U.S. dollar, making the vegetable oil cheaper for buyers holding foreign currencies.

Oil prices fell more than 1% as the dollar firmed on market bets the U.S. presidential election could swing in Republican Donald Trump's favour though the race was still too close to call, and as U.S. crude stocks rose more than forecast. O/R

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

Palm oil may retrace further into a range of 4,711 ringgit to 4,741 ringgit per ton, following its failure to break resistance at 4,883 ringgit, according to Reuters technical analyst Wang Tao. TECH/C

($1 = 4.4000 ringgit)

Reporting by Dewi Kurniawati; Editing by Varun H K and Subhranshu Sahu

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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