26.10.2020 (www.todayonline.com) - SINGAPORE, Oct 26 - Malaysian palm oil futures jumped 1.8% on Monday to one-and-a-half-week high, tracking gains in rival oils on the Dalian Commodity Exchange and the Chicago Board of Trade.

The benchmark palm oil contract, for January delivery, on the Bursa Malaysia Derivatives Exchange gained 51 ringgit to 2,993 ringgit ($719.99) in early trade, hitting its highest since Oct. 15.

Dalian's most-active soyoil and palm oil contracts both gained 1.7%, while soyoil prices on the Chicago Board of Trade were up 0.9%.

U.S. soybean futures rose for a sixth consecutive session on Monday to a more than four-year high on the back of strong Chinese demand.

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

FUNDAMENTALS

* Exports of Malaysian palm oil products for Oct. 1-25 rose 7.2% to 1.4 million tonnes from 1.3 million tonnes during Sept. 1-25, cargo surveyor Intertek Testing Services said on Sunday.

* Palm oil may drop to 2,866 ringgit per tonne, as it failed to break a resistance at 2,963 ringgit, Reuters technicals analyst Wang Tao said.

MARKET NEWS

* Oil prices fell on Monday, extending last week's losses, as a jump in COVID-19 infections in the United States and Europe raised alarms over crude demand, while the prospect of increased supply also hurt sentiment.

* Global shares got off to a cautious start on Monday as surging coronavirus cases in Europe and the United states threaten the economic outlook, even as growth in China provides some support to Asia.

DATA/EVENTS (GMT)

0900 Germany Ifo Business Climate New Oct

0900 Germany Ifo Current Conditions New Oct

0900 Germany Ifo Expectations New Oct

1400 US New Home Sales-Units Sept ($1 = 4.1570 ringgit) REUTERS