VEGOILS-Palm oil rise on lower stockpile hopes, but set for weekly fall
05.02.2021 (in.investing.com) - KUALA LUMPUR, Feb 5 (Reuters) - Malaysian palm oil futures rose for a second day on Friday on expectations of a drop in January stockpile and output, but the contract is set for a 3.9% weekly decline.
The benchmark palm oil contract FCPOc3 for April delivery on the Bursa Malaysia Derivatives Exchange gained 36 ringgit, or 1.09%, to 3,353 ringgit ($823.83) a tonne during early trade.
Palm looks set to log its third weekly fall in four.
FUNDAMENTALS
* A survey by CGS-CIMB Futures on Thursday revealed January output probably fell 14% month-on-month, while export volume probably declined by 35%. The Malaysian Palm Oil Board will release the data on Feb. 10.
* Indonesia's palm oil exports fell 9% last year as global demand was disrupted by the COVID-19 pandemic, the Indonesian Palm Oil Association said on Thursday, while forecasting exports would recover in 2021. Dalian's most-active soyoil contract DBYcv1 rose 1.5%, while its palm oil contract DCPcv1 gained 1.8%. Soyoil prices on the Chicago Board of Trade BOcv1 were down 0.04%.
* 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 rise to 3,422 ringgit per tonne, as it has deeply pierced above a resistance at 3,322 ringgit, Reuters technical analyst Wang Tao said. TECH/C
MARKET NEWS
* Asian futures were little changed in early trading after progress in vaccine distribution and a large U.S. stimulus program sent two major Wall Street indexes to record closing highs. MKTS/GLOB
DATA/EVENTS
0430 India
Cash Reserve Ratio
0430 India
Repo Rate, Reverse Repo Rate
0700 Germany Industrial Orders MM
Dec
0830 UK
Halifax House Prices MM
Jan
1330 US
Non-farm Payrolls, Unemployment Rate Jan
1330 US
Average Earnings YY
Jan
1330 US
International Trade
Dec
($1 = 4.0700 ringgit)