SINGAPORE, Feb 7 (Reuters) - Malaysian palm oil futures
rose for a second straight session on Tuesday, underpinned by
supply concerns following top exporter Indonesia's plan to
suspend some export permits and forecasts of smaller Malaysian
stockpiles.
The benchmark palm oil contract for April delivery
on the Bursa Malaysia Derivatives Exchange rose 82 ringgit, or
2.13%, to 3,933 ringgit ($916.36) a tonne in early trade.
FUNDAMENTALS
* Indonesia will review the ratio of its palm oil export
quota amid rising prices of domestic cooking oil, the
Coordinating Ministry of Maritime and Investment Affairs said in
a statement late on Monday.
* Indonesia, the world's top palm oil producer, will suspend
some existing palm oil export permits until the end of April,
officials said on Monday, as exporters had accumulated large
quotas for shipments from late last year.
* Malaysia's palm oil inventories at end-January likely
slipped 0.66% from December to a five-month low of 2.18 million
tonnes, a Reuters survey showed.
* Oil prices rose for a second day on supply concerns
after an earthquake shuttered a major export terminal in Turkey
and a field in the North Sea shut unexpectedly, while demand in
China, the world's biggest importer, looks set to increase.
* Stronger crude oil futures make palm a more attractive
option for biodiesel feedstock.
* Dalian's most-active soyoil contract gained
1.07%, while its palm oil contract rose 2.02%. Soyoil
prices on the Chicago Board of Trade were up 0.37%.
* 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 test a resistance at 3,980 ringgit
per tonne, a break above which could lead to a gain to 4,093
ringgit, Reuters technical analyst Wang Tao said. MARKET NEWS
* Asian share markets stabilised somewhat after steep losses
in the past 24 hours, while the U.S dollar remained elevated as
investors considered the prospects interest rates would remain
higher for longer in many developed economies. DATA/EVENTS (GMT)
0330 Australia RBA Cash Rate Feb
0700 Germany Industrial Output Dec
0700 UK Halifax House Prices Jan
0745 France Reserve Assets Total Jan
1330 US International Trade $ Dec
1700 Federal Reserve Chair Jerome Powell participates in
interview hosted by the Economic Club of Washington
($1 = 4.2920 ringgit)
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(Reporting by Matthew Chye; Editing by Subhranshu Sahu)
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