MUMBAI, Dec 14 (Reuters) - Malaysian palm oil futures remained largely unchanged in early Thursday trade, with bargain buying driven by lower stocks countering pressure from slowing exports and concerns about biodiesel demand after a slump in crude oil prices.
The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange rose 2 ringgit, or 0.05%, to 3,672 ringgit ($787.98) in early trade. It fell 1.7% on Wednesday.
FUNDAMENTALS
* Exports of Malaysian palm oil products for Dec. 1-10 fell 4.1% to 7.4% from the Nov. 1-10 period, cargo surveyors said.
* Malaysia's palm oil stocks at the end of November fell for the first time in seven months as production slumped more than exports, data from industry regulator showed on Tuesday.
* Soyoil futures on the Chicago Board of Trade were up 0.3% after losing 2.5% in the previous two sessions. Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
* Chicago soybean futures rose for the first time in three sessions with bargain-buying underpinning prices, although expectations of rains in Brazil's parched oilseed producing regions limited the gains.
* Argentina, a leading soyoil exporter, allowed the peso currency to plunge over 50% to 801 per dollar on Wednesday.
* Palm oil may revisit its Dec. 7 low of 3,641 ringgit per metric ton as the bounce from this level has been deeply reversed, Reuters' technical analyst Wang Tao said.
MARKET NEWS
* Asian stocks broadly rallied, after the U.S. Federal Reserve flagged the end of its tightening cycle and struck a dovish tone for the year ahead.
* Oil prices rose, extending gains from the previous session following a bigger-than-expected weekly withdrawal from U.S. crude storage.
* The Fed left interest rates unchanged on Wednesday and its chief Jerome Powell said the historic tightening of monetary policy is likely over as inflation falls faster than expected.
DATA/EVENTS (GMT) 1200 UK BOE Bank Rate Dec 1315 EU ECB Refinancing, Deposit Rates Dec 1330 US Import Prices YY Nov 1330 US Initial Jobless Clm Weekly 1330 US Retail Sales MM Nov ($1 = 4.6600 ringgit) (Reporting by Rajendra Jadhav; Editing by Subhranshu Sahu)
