Today Online (23/03/2021) - KUALA LUMPUR, March 23 - Malaysian palm oil futures jumped 4% on Tuesday, extending gains for a second straight session, as the market tracked a rally in soyoil fuelled by U.S. President Joe Biden's green energy push.

The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange climbed 168 ringgit, or 4.37%, to 4,011 ringgit ($975.56) a tonne during early trade.

Palm logged its sharpest daily rise since Feb. 15.

FUNDAMENTALS

* European Union palm oil imports in the 2020/21 season were at 3.97 million tonnes by March 21, from 4.13 million a year ago, data published by the European Commission showed on Monday.

* President Biden's green fuel push using edible oils is helping drive up vegetable oil prices that are already near record highs.

* Soyoil prices on the Chicago Board of Trade were up 2%. Dalian's most-active soyoil contract rose 4%, while its palm oil contract gained 5%.

* 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 3,859 ringgit per tonne, and extend its gains to 3,948 ringgit, Reuters technical analyst Wang Tao said.

MARKET NEWS

* Asian stocks were set to track Wall Street gains, as bond yields pulled back, easing concerns about inflation although investors are keeping a close eye on rising COVID-19 cases in Europe.

* Oil prices fell 1% on concerns that new pandemic curbs and slow vaccine rollouts in Europe will slow a recovery in fuel demand and as producers cut prices, indicating ample oil supply.

DATA/EVENTS

0700 UK Claimant Count Unem Chng Feb

0700 UK ILO Unemployment Rate Jan

1400 US New Home Sales-Units Feb

1600 US Federal Reserve Chair Jerome Powell gives virtual testimony on coronavirus aid, relief, and Economic Security Act before the House Financial Services Committee

($1 = 4.1115 ringgit) REUTERS

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