KUALA LUMPUR, Nov 25 - Malaysian palm oil futuresrose on Wednesday, recouping some of the previous session'ssharp losses, as tight supply outlook and stronger crudeoutweighed demand worries. The benchmark palm oil contract for Februarydelivery on the Bursa Malaysia Derivatives Exchange rose 0.83%to 3,276 ringgit ($801.37) a tonne in early trade. Palm fell 2.3% on Tuesday as traders expect a near 20% dropin Nov. 1-25 exports. Cargo surveyors are due to release exportdata later in the day. FUNDAMENTALS * In Malaysia, the worsening labour shortage and potentialtemporary closures in the palm oil industry - should COVID-19outbreaks not be brought under control - could still affectproduction in 2021, Rabobank Agri Commodity Markets Researchsaid in a report on Tuesday. * Indonesia biodiesel domestic consumption in the January toSeptember period was 6.33 million kilolitres, the IndonesianBiodiesel Producers Association said on Tuesday. * Oil rose about 4% on Tuesday to touch highs not seen sinceMarch as a third promising coronavirus vaccine raised hope forfuel demand recovery, making palm a more attractive option forbiodiesel feedstock. * Dalian's most-active soyoil contract rose 1.3%,while its palm oil contract gained 1.6%. Soyoil priceson the Chicago Board of Trade were up 0.8%. * Palm oil is affected by price movements in related oils asthey compete for a share in the global vegetable oils market. MARKET NEWS * Asian stocks made early gains, following a world rallyovernight that saw the Dow Jones benchmark crack 30,000 for thefirst time as investors cheered a dramatically improved globaloutlook. DATA/EVENTS 1330 US Durable Goods Oct 1330 US GDP 2nd Estimate Q3 1330 US Initial Jobless Clm Weekly 1500 US Consumption Adjusted MM Oct 1500 US U Mich Sentiment Final Nov 1500 US New Home Sales-Units Oct 1900 US Federal Open Market Committee will release minutes from its November 4-5 policy meeting REUTERS
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