10.03.2021 (in.investing.com) - KUALA LUMPUR, March 10 (Reuters) - Malaysian palm oil futures snapped a five-session winning streak on Wednesday, dragged by cheaper rival oils and expectations of higher supply and weak exports.

The benchmark palm oil contract FCPOc3 for May delivery on the Bursa Malaysia Derivatives Exchange slid 62 ringgit, or 1.6%, to 3,854 ringgit ($934.53) a tonne during early trade.

Palm closed at a 10-year high in the previous session.

The Malaysian Palm Oil Board and cargo surveyors are expected to release supply and demand data later in the day.

Investors are expecting March 1-10 exports to slump, while a Reuters survey have pegged February stockpile to rise for a second consecutive month. Dalian's most-active soyoil contract DBYcv1 fell 1.7%, while its palm oil contract DCPcv1 declined 2.6%. Soyoil prices on the Chicago Board of Trade BOcv1 were also 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 revisit its Tuesday low of 3,827 ringgit, following its failure to break a resistance at 3,929 ringgit per tonne again, Reuters technical analyst Wang Tao said. TECH/C

MARKET NEWS

* Asian stocks were set to track U.S. gains, as falling bond yields eased concerns about surging inflation, although focus will shift to Chinese markets amid worries about policy tightening in the world's second-largest economy. MKTS/GLOB

* Oil ticked higher, after falling for two straight sessions, with investors looking ahead to U.S. inventories data due later in the day for pointers on where prices will head next. O/R

DATA/EVENTS

0130 China PPI, CPI YY Feb

1330 US

CPI MM, SA Feb

($1 = 4.1240 ringgit)