KUALA LUMPUR, Dec 26 - Malaysian palm oil futures opened higher on Tuesday as trading resumed after a long holiday weekend, with stronger rival Dalian vegetable oils underpinning the market. 

The benchmark palm oil contract FCPOc3 for March delivery on the Bursa Malaysia Derivatives Exchange rose 9 ringgit, or 0.24%, to 3,747 ringgit ($813.15) during early trade.

FUNDAMENTALS
Exports of Malaysian palm oil products for Dec. 1-25 fell 16.1% to 1,057,955 metric tons from 1,260,613 metric tons shipped during Nov. 1-25, cargo surveyor Intertek Testing Services said on Monday.

Malaysia maintained its January export tax for crude palm oil at 8% and raised its reference price, according to a circular on the Malaysian Palm Oil Board website.
 

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Indonesia, the world's biggest palm oil producer, said last week it would slap palm oil companies operating within forest areas with fines amounting to a total of 4.8 trillion rupiah ($310.1 million). 

Dalian's most-active soyoil contract DBYcv1 rose 1.06%, while its palm oil contract DCPcv1 ticked up 1.61%. 

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

Oil prices were little changed on Tuesday as investors focused on geopolitical tensions in the Middle East and optimism the U.S. Federal Reserve would soon start cutting interest rates, lifting global economic growth and fuel demand.

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

Palm oil may bounce towards 3,777 ringgit per metric ton, following its stabilisation around support of 3,683 ringgit, Reuters technical analyst Wang Tao said.

MARKET NEWS
Asian stocks traded tentatively on Tuesday, while the dollar lurked near a five-month low as cooling U.S. inflation bolstered bets the Federal Reserve would cut interest rates soon.

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