* Palm charts third consecutive winning session

* Market rises on stronger U.S. soy, Chinese palm olein -trader

(Updates latest prices, quote)

03/08/2016 (Reuters) - Malaysian palm oil futures reversed earlier losses to rise in late trade on Tuesday, charting a third consecutive winning session, tracking stronger U.S. soyoil and Chinese refined, bleached and deodorized (RBD) palm olein.

Benchmark palm oil futures for October delivery on the Bursa Malaysia Derivatives Exchange gained 0.5 percent to reach 2,338 ringgit ($580.40) per tonne at the close of trade.

Palm prices fluctuated early in the session, trading higher before falling to an intraday low of 2,303 ringgit.

Traded volumes stood at 39,102 lots of 25 tonnes each on Tuesday evening, lower than the 2015 average of 44,600.

"The market is supported by Chicago Board of Trade soyoil and Dalian's RBD palm olein," said a trader from Kuala Lumpur.

Palm oil often takes direction from related oil palm olein, and its rival oil soy as they both compete for a share in the global vegetable oil market.

Another trader had earlier said that palm was trading within a range while waiting for new leads. While cargo surveyor data showed improving export demand for the month of July, a 12-15 percent improvement from June, output is seen rising in line with seasonal trend. (MYPOMP-CPOTT)

Palm has been trading around eight-month low in the last three weeks, dragged down by weaker performing soy on Dalian and the Chicago Board of Trade. It declined 1.6 percent for a second monthly fall in July.

In related-vegetable oils, the Chicago soybean oil contract for December rose 0.9 percent, while Dalian's January soybean oil contract declined 0.1 percent.

Palm, soy and crude oil prices at 1039 GMT

Contract Month Last Change Low High Volume

MY PALM OIL AUG6 2393 +18.00 2370 2394 126

MY PALM OIL SEP6 2355 +10.00 2323 2361 4007

MY PALM OIL OCT6 2339 +11.00 2303 2348 20560

CHINA PALM OLEIN JAN7 5116 +34.00 5024 5136 884424

CHINA SOYOIL JAN7 6124 -4.00 6072 6166 511454

CBOT SOY OIL DEC6 30.47 +9.00 30.06 30.49 6425

INDIA PALM OIL AUG6 514.30 +9.00 505.50 515.4 3286

INDIA SOYOIL AUG6 629.9 +2.25 626 630.5 29390

NYMEX CRUDE SEP6 40.59 +0.53 39.85 40.67 77473

Palm oil prices in Malaysian ringgit per tonne
CBOT soy oil in U.S. cents per pound
Dalian soy oil and RBD palm olein in Chinese yuan per tonne
India soy oil in Indian rupee per 10 kg
Crude in U.S. dollars per barrel

($1 = 4.0300 ringgit)
($1 = 66.7450 Indian rupees)
($1 = 6.6344 Chinese yuan renminbi)