Today Online (09/02/2021) - KUALA LUMPUR, Feb 9 - Malaysian palm oil futures jumped 3% to hit a near one-month high on Tuesday, as rival Dalian and soyoil strengthened ahead of a U.S. Department of Agriculture (USDA) report that is pegged to show tighter global supplies.

The benchmark palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange rose 108 ringgit, or 3.14%, to 3,543 ringgit ($872.88) a tonne during early trade.

Palm rose for a fourth straight session to its highest since Jan. 15.

Investors are looking to the next USDA report due Tuesday, as well as Malaysian Palm Oil Board data due Wednesday.

FUNDAMENTALS

* A Reuters' poll of analysts expect the USDA to make further cuts to its end-of-season supply outlook for soybeans and lower its harvest views for Brazilian and Argentine soy.

* European Union palm oil imports in the 2020/21 season that started last July were at 3.46 million tonnes compared with 3.43 million a year ago, data published by the European Commission showed on Monday.

* Dalian's most-active soyoil contract rose 2% and its palm oil contract gained 2.7%. Soyoil prices on the Chicago Board of Trade were up 0.8%.

* 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 into a range of 3,503-3,584 ringgit per tonne, as it has broken a resistance at 3,422 ringgit, Reuters technical analyst Wang Tao said.

MARKET NEWS

* Global stocks were poised to rise again on Tuesday in Asian trading after another record-setting day on Wall Street.

* Oil prices edged up on Tuesday to their highest in 13 months as supply cuts by major producers and optimism over fuel demand recovery support energy markets.

($1 = 4.0590 ringgit) REUTERS

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