Nasdaq (28/05/2021) - SINGAPORE, May 28 (Reuters) - Malaysian palm oil futures reversed losses incurred in the previous session and jumped over 2% on Friday, as the contract tracked gains in rival soybeans on the Chicago Board of Trade (CBOT).

The benchmark palm oil contract FCPOc3 for August delivery on the Bursa Malaysia Derivatives Exchange fell 2.3% to 4,007 ringgit ($967.64) a tonne in early trade.

"Palm oil is up thanks to firmer externals," a Kuala Lumpur trader told Reuters.

The contract is set to edge 0.3% higher over the week, after losing more than 11% the week earlier.

CBOT soybean futures rallied on Thursday for the first time in eight sessions, lifted by short-covering and technical buying, and spillover support from surging corn prices.

Its soybean oil contract BOc2 was last up 0.5%.

Meanwhile, Dalian's soyoil contract DBYcv1 and palm oil contract DCPcv1 rose 1.5% and 1.4%, respectively.

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

Palm oil is expected to retest a resistance at 4,010 ringgit per tonne, a break above which could lead to a gain to 4,132 ringgit, Reuters analyst Wang Tao said. TECH/C

FUNDAMENTALS

* Chicago corn futures climbed 0.9% on Friday with the market poised for a second week of gains as strong demand for the feed grain supported prices. Wheat eased, while soybeans edged higher. GRA/

* Oil prices rose 1% on Thursday, bolstered by strong U.S. economic data that offset investors' concerns about the potential for a rise in Iranian supplies. O/R

DATA/EVENTS (GMT)

0645 France GDP QQ Final Q1

0645 France CPI (EU Norm) Prelim YY May

0900 EU Consumer Confid. Final May

1230 US Consumption, Adjusted MM April

1400 US U Mich Sentiment Final May

($1 = 4.1410 ringgit)

Read more at https://www.nasdaq.com/articles/vegoils-palm-oil-jumps-over-2-on-u.s.-soybeans-rally-2021-05-27