Today Online (27/01/2021) - SINGAPORE, Jan 27 (reuters) - Malaysian palm oil futures jumped more than 1% on Wednesday, extending gains for a second consecutive session, as costlier rival oils in China and the United States made palm more attractive.

The benchmark palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange rose 47 ringgit, or 1.4%, to 3,312 ringgit ($819.40) a tonne in early trade. It had ended 0.7% higher on Tuesday

"Prices are tracking higher external markets again," a Kuala Lumpur-based trader told Reuters.

Soybeans on the Chicago Board of Trade traded 2% higher on Tuesday on worried about tightening U.S. and global soyoil supplies and spillover strength from a 4% jump in corn futures.

Chicago soybean oil last edged 0.9% higher.

Meanwhile Dalian Commodity Exchange's most-active soyoil and palm oil contracts both jumped 2% higher.

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 break a resistance at 3,300 ringgit per tonne, and rise into a zone of 3,348-3,381 ringgit, Reuters analyst Wang Tao said.

FUNDAMENTALS

* Chicago corn futures rose to a two-week high, as China's purchase of U.S. supplies of the grain hit the highest level since July, while slow harvesting in Brazil due to rains supported soybean prices.

* Asian equities looked set to rise, bouncing back from a steep sell-off on Tuesday, while Australian stocks were seen opening weaker in a catchup after a Tuesday holiday.

DATA/EVENTS AHEAD (GMT) 1000 EU Consumer Confidence Final Jan 1100 Brazil IGP-M Inflation Index Jan 1300 Germany CPI, HICP Prelim YY Jan 1330 US GDP Advance Q4 1330 US Initial Jobless Claim weekly 1500 US New Home Sales - units Dec 2350 Japan Bank of Japan to release summary of opinions

from board members at its Jan. 20-21 policy

meeting ($1 = 4.0420 ringgit) REUTERS

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