Malaysian palm oil/Vegoils: Market factors to watch Feb 5

The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange was up 2.7 percent at 2,518 ringgit ($618) at the close of trade, its first gain in three sessions and its sharpest rise since July 25. It earlier hit an intraday high of 2,525 ringgit, its highest level in a week, and rose 1.6 percent on the week after six consecutive weekly falls.

KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Monday Feb 5.

FUNDAMENTALS

* Malaysian palm oil futures were down 1 percent at the close of trading on Friday, following data that showed exports from the world's second-biggest producer of the edible oil fell 8.8 percent in January.