JAKARTA, Aug 1 (Reuters) -Malaysian palm oil futures dropped for a second consecutive session on Thursday as a stronger ringgit and weakness in rival vegetable oils pressured the contract.

The benchmark palm oil contract FCPOc3 for October delivery on the Bursa Malaysia Derivatives Exchange lost 32 ringgit, or 0.82%, to 3,876 ringgit ($852.24) a metric ton by 0235 GMT.

The contract fell 0.18% in July, the second consecutive monthly drop.

FUNDAMENTALS

* Dalian's most-active soyoil contract DBYcv1 was down 0.21%, while its palm oil contract DCPcv1 dropped 0.74%. Soyoil prices on the Chicago Board of Trade BOc2 were down 0.1%.

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

* Malaysian ringgit, the contract currency of trade, strengthened 0.96% against the U.S. dollar, making the contract less attractive for foreign currency holders.

* Malaysian palm oil exports in July seen rising between 22.8% and 30.91%, cargo surveyor Amspec Agri and Intertek Testing Services said.

* Cargo surveyor Societe Generale de Surveillance (SGS) estimated exports stood at 1.48 million tons, according to LSEG, a 23.6% jump from June exports.

* Palm oil FCPOc3 is expected to retest support at 3,881 ringgit per metric ton, a break below could open the way towards 3,849 ringgit, Reuters technical analyst Wang Tao said TECH/C.

MARKET NEWS

* Asian shares tracked a huge revival in global tech stocks, helped by Meta and Nvidia, while prospects of imminent policy easing in the U.S. boosted global bonds and commodities. MKTS/GLOB

DATA/EVENTS (GMT)

0030 Japan JibunBK Mfg PMI Final SA July

0145 China Caixin Mfg PMI Final July

0600 UK Nationwide house price mm July

0600 UK Nationwide house price yy July

0755 Germany HCOB Mfg PMI July

0800 EU HCOB Mfg Final PMI July

0830 UK S&P GLOBAL MANUFACTURING PMI July

0900 EU Unemployment rate June

1100 UK BOE Bank Rate Aug

1230 US Initial Jobless Clm 27 July, w/e

1345 US S&P Global Mfg PMI Final July

1400 US ISM Manufacturing PMI July

($1 = 4.5480 ringgit)

Reporting by Bernadette Christina; Editing by Sherry Jacob-Phillips

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