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KUALA LUMPUR, Aug 17 - Malaysian palm oil futuresrose more than 1% on Tuesday, tracking rival soyoil higher onmounting worries over global supplies, but a sharp decline inAugust exports so far capped gains.
The benchmark palm oil contract for Novemberdelivery on the Bursa Malaysia Derivatives Exchange rose 52ringgit, or 1.17%, to 4,499 ringgit ($1,062.09) a tonne duringearly trade.
* "Oil World is expecting crude palm oil prices to weaken byend-Dec 2021 and will continue to see more weakness in 1H22 withthe assumption of no weather disruptions," UOB KayHian said in anote.
* This is due to expectations of stronger global edible oilsupplies in 2021/22 after record high prices last year boostedplantings, demand rationing due to high prices, and a rebound ofpalm oil production, UOB said.
* Oil World executive director Thomas Mielke forecast worldproduction of palm oil to rebound by 2.1 million tonnes in2020/21, and by 3.8 million tonnes next season, but low openingstocks will offset production growth, according to UOB.
* Malaysia's palm oil exports during Aug. 1-15 fell between15% and 24% from the same period in July, cargo surveyors saidon Monday.
* Dalian's most-active soyoil contract gained 0.7%,while its palm oil contract rose 1%. Soyoil prices onthe Chicago Board of Trade were up 0.5%.
* Palm oil is affected by price movements in related oils asthey compete for a share in the global vegetable oils market.
* Palm oil may retest a resistance at 4,501 ringgit pertonne, a break above which could lead to a gain into 4,557-4,649ringgit range, Reuters technical analyst Wang Tao said.
* Asian shares declined in early trade on Tuesday as growinganxiety over the spike in the Delta variant of COVID-19infections and turmoil in Afghanistan eclipsed overnightstrength on Wall Street.
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($1 = 4.2360 ringgit) REUTERS