01.03.2021 (www.todayonline.com) - KUALA LUMPUR, March 1 - Malaysian palm oil futures climbed on Monday to a seven-week high, tracking strength in rival soyoil and crude, although cargo surveyor data showing a decline in February exports weighed on the market.

The benchmark palm oil contract for May livery on the Bursa Malaysia Derivatives Exchange gained 77 ringgit, or 2.06%, to 3,819 ringgit ($942.50) a tonne in early trade, hitting its highest since Jan. 11.

FUNDAMENTALS

* Malaysian palm oil product exports for February fell 5.5% to 1,001,440 tonnes from 1,059,225 tonnes shipped in the previous month, cargo surveyor Intertek Testing Services said on Sunday.

* Dalian's most-active soyoil contract rose 3.1%, while its palm oil contract climbed 2.2%. Soyoil prices on the Chicago Board of Trade were up 1.1%.

* 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 fall into a range of 3,624-3,673 ringgit per tonne, as it could have completed a bounce from the Jan. 20 low of 3,160 ringgit, Reuters technical analyst Wang Tao said.

MARKET NEWS

* Asian shares rallied as some semblance of calm returned to bond markets after last week's wild ride, while progress in the huge U.S. stimulus package underpinned optimism about the global economy and sent oil prices higher.

* Oil prices rose more than $1 on optimism in the global economy thanks to progress in a huge U.S. stimulus package and on hopes for improving oil demand as vaccines are rolled out.

DATA/EVENTS

0850 France Markit Mfg PMI

0855 Germany Markit/BME Mfg PMI

0900 EU Markit Mfg Final PMI

0930 UK Markit/CIPS Mfg PMI Final

1300 Germany CPI, HICP Prelim YY

1445 US Markit Mfg PMI Final

1500 US ISM Manufacturing PMI

($1 = 4.0520 ringgit) REUTERS

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