Malaysian palm oil futures inched higher on Friday, supported by firmer crude oil prices, and were on track for a fourth straight weekly gain, as market players awaited export data from cargo surveyors for further cues.
The benchmark palm oil contract 
FCPO1! for April delivery on the Bursa Malaysia Derivatives Exchange gained 20 ringgit, or 0.44%, to 4,574 ringgit ($1,030.18) a metric ton in early trade. It has risen 1.62% so far this week.
FUNDAMENTALS
* Dalian’s most-active soyoil contract (DBYcv1) fell 0.18%, while its palm oil contract CPO1! shed 0.22%. Soyoil prices on the Chicago Board of Trade 
ZL1! were down 0.06%.
* Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market.
* Cargo surveyors are expected to release their estimates on Malaysian palm oil exports for February 1-15 on Saturday.
* Oil prices climbed amid rising fuel demand and expectations that Trump’s plans for reciprocal global tariffs would not come into effect until April, giving more time to avoid a trade war. O/R
* Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.
* The ringgit 
USDMYR, palm’s currency of trade, strengthened 0.34% against the dollar, making the commodity more expensive for buyers holding foreign currencies.
* More than 60% of Argentina’s soy crop is in average-to-excellent condition after recent rains refreshed the fields, which had been battered by hot, dry weather, the Buenos Aires Grain Exchange said on Thursday.
* Palm oil may retest support at 4,540 ringgit per ton, a break below which could open the way towards 4,437 ringgit to 4,488 ringgit range, Reuters technical analyst Wang Tao said. TECH/C
Thomson Reuterstech
MARKET NEWS
* Asian stocks tracked Wall Street higher, while the dollar eased as investors contended with U.S. President Donald Trump’s reciprocal tariffs that were not immediately imposed as well as U.S. data allaying investor worries on inflation. MKTS/GLOB
DATA/EVENTS
1000 EU GDP Flash Estimate QQ, GDP Flash Estimate YY Q4
1100 EU Reserve Assets Total Jan
1330 US Import Prices YY, Retail Sales MM Jan
1415 US Industrial Production MM Jan
($1 = 4.4400 ringgit)