23.04.2020 (Yahoo Singapore News) - KUALA LUMPUR, April 23 (Reuters) - Malaysian palm oil futures rose on Thursday, tracking gains in crude and rival soybean oil, but gains were limited by worries over rising stockpiles as the coronavirus pandemic curbs global demand.

The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange gained 9 ringgit, or 0.43%, to 2,084 ringgit ($478.53) per tonne by 0241 GMT.

FUNDAMENTALS

* Brent crude oil rebounded from two days of losses and U.S. futures surged, bolstered by tentative talk of additional supply cuts from OPEC producers and U.S. inventory builds that were less dire than some expected.

* Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.

* The Malaysian Palm Oil Association estimated palm oil output for April 1-20 to jump 25.9%, according to traders on Wednesday.

* Dalian's most-active soyoil contract gained 1.45%, while its palm oil contract was up 0.59%. Soyoil prices on the Chicago Board of Trade also rose 1.12%.

* 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 soon end its consolidation around a support at 2,084 ringgit per tonne, and fall towards 1,916 ringgit then, Reuters technical analyst Wang Tao said.

MARKET NEWS

* Asian stock markets rose on Thursday as the combination of a rebound in crude prices from historic lows and the promise of more U.S. government aid to cushion the coronavirus-ravaged economy helped calm nervous markets.

DATA/EVENTS

0600 UK Retail sales MM, YY March

0600 UK Retail sales ex-fuel MM March

0800 Germany Ifo Business Climate New April

0800 Germany Ifo Current Conditions New April

0800 Germany Ifo Expectations New April

1030 Russia Central bank key rate April

1230 US Durable Goods March

1400 US U Mich Sentiment Final April

($1 = 4.3550 ringgit)

(Reporting by Mei Mei Chu; Editing by Ramakrishnan M.)

https://sg.news.yahoo.com/vegoils-palm-oil-firms-crude-030845577.html