KUALA LUMPUR, Dec 4 - Malaysian palm oil futuresinched up on Friday and were set to clock a weekly gain, ashigher levies by top producer Indonesia and tight globalvegetable oil supply underpinned the market. The benchmark palm oil contract for Februarydelivery on the Bursa Malaysia Derivatives Exchange rose 27ringgit, or 0.8%, to 3,359 ringgit ($826.12) a tonne in earlytrade. Palm has gained 0.6% so far in the week, on track for asixth weekly rise in seven. FUNDAMENTALS * Indonesia will impose higher levies on crude palm oilstarting Dec. 10, an official document showed on Thursday, amove that could impact demand next year as it seeks to generatefunds for its ambitious palm-based biodiesel programme. * Palm oil demand may be restrained next year, as supplyshortages triggered by unfavourable weather, infrastructureissues and the COVID-19 pandemic push prices up further,analysts told a virtual palm oil conference on Thursday. * Malaysia's palm oil production in 2020 is likely to be19.2 million tonnes, with December stocks falling to as low as1.4 million tonnes, leading palm analyst Dorab Mistry told thevirtual conference. * Dalian's most-active soyoil contract rose 1.5%,while its palm oil contract gained 2%. Soyoil prices onthe Chicago Board of Trade were down 0.1%. * Palm oil is affected by price movements in related oils asthey compete for a share in the global vegetable oils market. * Palm oil may retest a resistance at 3,381 ringgit pertonne, a break above could lead to a gain into a range of 3,426ringgit to 3,474 ringgit, Reuters technical analyst Wang Taosaid. MARKET NEWS * Investors in Asia geared up for modest stock gains onFriday as U.S. legislators wrangled over a fiscal stimulus andnegotiations over a Brexit trade deal continued. DATA/EVENTS 0700 Germany Industrial Orders MM Oct 1330 US Non-Farm Payrolls Nov 1330 US Unemployment Rate Nov 1330 US Average Earnings YY Nov 1330 US International Trade Oct REUTERS
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