11.12.2020 (www.todayonline.com) - KUALA LUMPUR, Dec 11 - Malaysian palm oil futures rose for a second straight session on Friday on the back of higher prices of rival oilseeds and crude, although the contract was set for a weekly loss as exports slowed.

The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange gained 33 ringgit, or 0.97%, to 3,436 ringgit ($847.77) a tonne in early trade.

It has lost 0.9% so far this week, on course to snap two consecutive weekly gains.

FUNDAMENTALS

* Palm oil exports from Malaysia during Dec. 1-10 fell between 6% and 11% from the same period in November, as shipments to China shrank by more than half, cargo surveyors said on Thursday.

* Malaysia's palm oil end-stocks in November fell to 1.56 million tonnes, hitting a more than three-year low as production slumped and exports fell more than expected, according to Malaysian Palm Oil Board on Thursday.

* Dalian's most-active soyoil contract rose 1.3%, while its palm oil contract gained 2%. Soyoil prices on the Chicago Board of Trade were 0.55%.

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

* Oil rose around 1% on Friday, extending a sharp rally overnight that saw Brent rise above $50 for the first time since March, making the edible oil more attractive as biodiesel feedstock.

* Palm oil may retest a resistance at 3,474 ringgit per tonne, a break above could lead to a gain into 3,504-3,552 ringgit range, Reuters technical analyst Wang Tao said.

MARKET NEWS

* Investors in Asia were set to push stocks lower on Friday as concerns about U.S. stimulus and climbing COVID-19 cases weighed globally on optimism.

DATA/EVENTS

0700 Germany HICP Final YY Nov

1200 India Industrial Output YY Oct

1500 US U Mich Sentiment Prelim Dec

($1 = 4.0530 ringgit) REUTERS

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