Today Online (25/02/2021) - KUALA LUMPUR, Feb 25 - Malaysian palm oil futures climbed more than 3% on Thursday, rising for a fourth session in five to hit a six-week high, as crude oil and rival Dalian and Chicago Board of Trade soyoil firmed.

The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange rose 3.3% to 3,772 ringgit ($933.66) a tonne in early trade, despite concerns over slowing exports.

The market is awaiting Feb. 1-25 export data from cargo surveyors due later in the day, with traders expecting a month-on-month rise of 4% to 7% in shipments amid rising production.

Exports during Feb. 1-20 rose between 10% and 28% from the same period in January, according to cargo surveyor data.

FUNDAMENTALS

* The Malaysian Palm Oil Council on Wednesday pegged 2021 crude palm oil production in Malaysia to rise to 19.6 million tonnes from 19.1 million tonnes last year. Indonesia's production is seen rising to 45 million tonnes from 42.3 million tonnes in 2020.

* Dalian's most-active soyoil contract and palm oil contract both rose 2.3%. Soyoil prices on the Chicago Board of Trade were up 0.3%.

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

* Oil prices climbed on Wednesday to fresh 13-month highs after U.S. government data showed a drop in crude output after a deep freeze disrupted production last week.

* Palm oil may retest a resistance at 3,752 ringgit per tonne, a break above which could lead to a gain to 3,834 ringgit, Reuters technical analyst Wang Tao said.

MARKET NEWS

* Asian stocks perked up after U.S. Federal Reserve Chairman Jerome Powell reaffirmed interest rates would stay low, calming market fears that higher inflation might prompt the central bank to tighten the monetary spigot.

DATA/EVENTS

1000 EU Consumer Confid. Final Feb

1330 US Durable Goods Jan

1330 US GDP 2nd Estimate Q4

1330 US Initial Jobless Clm Weekly ($1 = 4.0400 ringgit) REUTERS

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