KUALA LUMPUR, March 1 - Malaysian palm oil futuresclimbed on Monday to a seven-week high, tracking strength inrival soyoil and crude, although cargo surveyor data showing adecline in February exports weighed on the market. The benchmark palm oil contract for May livery onthe Bursa Malaysia Derivatives Exchange gained 77 ringgit, or2.06%, to 3,819 ringgit ($942.50) a tonne in early trade,hitting its highest since Jan. 11. FUNDAMENTALS * Malaysian palm oil product exports for February fell 5.5%to 1,001,440 tonnes from 1,059,225 tonnes shipped in theprevious month, cargo surveyor Intertek Testing Services said onSunday. * Dalian's most-active soyoil contract rose 3.1%,while its palm oil contract climbed 2.2%. Soyoil priceson the Chicago Board of Trade were up 1.1%. * Palm oil is affected by price movements in related oils asthey compete for a share in the global vegetable oils market. * Palm oil may fall into a range of 3,624-3,673 ringgit pertonne, as it could have completed a bounce from the Jan. 20 lowof 3,160 ringgit, Reuters technical analyst Wang Tao said. MARKET NEWS * Asian shares rallied as some semblance of calm returned tobond markets after last week's wild ride, while progress in thehuge U.S. stimulus package underpinned optimism about the globaleconomy and sent oil prices higher. * Oil prices rose more than $1 on optimism in the globaleconomy thanks to progress in a huge U.S. stimulus package andon hopes for improving oil demand as vaccines are rolled out. DATA/EVENTS 0850 France Markit Mfg PMI 0855 Germany Markit/BME Mfg PMI 0900 EU Markit Mfg Final PMI 0930 UK Markit/CIPS Mfg PMI Final 1300 Germany CPI, HICP Prelim YY 1445 US Markit Mfg PMI Final 1500 US ISM Manufacturing PMI ($1 = 4.0520 ringgit) REUTERS
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