19.01.2021 (in.investing.com) - KUALA LUMPUR, Jan 19 (Reuters) - Malaysian palm oil futures fell 1% on Tuesday, down for a sixth day in seven, on concerns over declining exports ahead of cargo surveyor data and tracking rival soyoil's price drop.

The benchmark palm oil contract FCPOc3 for April delivery on the Bursa Malaysia Derivatives Exchange slid 42 ringgit, or 1.25%, to 3,308 ringgit ($817.60) during early trade.

Cargo surveyors are scheduled to release Jan. 1-20 export data on Wednesday, but sentiment is bearish after exports during the first two weeks of January plummeted 42% compared with a month earlier. Malaysia's central bank is expected to cut key interest rates to historic lows on Wednesday, according to a Reuters poll, after surging coronavirus infections led the government to impose fresh lockdowns, further curbing economic activity. European Union palm oil imports in the 2020/21 season that started last July had reached 3.24 million tonnes by Jan. 17, up from 3.10 million by the same time last year, data published by the European Commission showed on Monday. Dalian's most-active soyoil contract DBYcv1 fell 0.5%, while its palm oil contract DCPcv1 declined 0.8%. Soyoil prices on the Chicago Board of Trade BOcv1 were down 1%.

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

* Palm oil may test a resistance at 3,381 ringgit, with a good chance of breaking above this level and rising into a range of 3,426 ringgit to 3,474 ringgit per tonne, Reuters technical analyst Wang Tao said. TECH/C

MARKET NEWS

* Asian share markets edged ahead on Tuesday as investors wagered China's economic strength would help underpin growth in the region, even as pandemic lockdowns threatened to lengthen the road to recovery in the West. MKTS/GLOB

DATA/EVENTS (GMT)

0700 Germany HICP Final YY Dec

1000 Germany Zew Economic Sentiment Jan

1000 Germany Zew Current Conditions Jan ($1 = 4.0460 ringgit)

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