Today Online (20/10/2020) - KUALA LUMPUR, Oct 20 - Malaysian palm oil futures firmed on Tuesday on hopes of an uptick in Oct. 1-20 exports ahead of cargo surveyor data due later in the day, although lower Dalian oils limited gains.

The benchmark palm oil contract, for January delivery, on the Bursa Malaysia Derivatives Exchange gained 15 ringgit, or 0.54%, to 2,791 ringgit ($673.67) a tonne in early trade.

Palm slumped 3% in the previous session to its lowest closing level in two weeks.

Investors are expecting a rise in Oct. 1-20 exports after traders on Monday forecast a 4%-5% monthly jump.

FUNDAMENTALS

* Dalian's most-active soyoil contract slipped 0.7%, while its palm oil contract 1.6%. Soyoil prices on the Chicago Board of Trade were 0.3%.

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

* Oil prices slipped for a fourth straight day on worries about a resurgence of coronavirus cases globally stifling a promising recovery in fuel demand.

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

* Palm oil may revisit its Oct. 2 low of 2,691 ringgit per tonne, Reuters technical analyst Wang Tao said.

MARKET NEWS

* Asian stocks slipped on Tuesday as investors adjusted risk exposure heading into the U.S. election and as a deadline for Washington to pass an economic stimulus bill approached while Europe reported record daily coronavirus infections.

DATA/EVENTS

1230 US Housing Starts Number Sept ($1 = 4.1430 ringgit) REUTERS