VEGOILS-Palm oil steady ahead of official data

KUALA LUMPUR, Feb 10 (Reuters) - Malaysian palm oil futures were little changed on Monday, ahead of the release of official data on January supply and demand, as worries over the rising severity of a new coronavirus epidemic in No. 2 buyer China pressured prices.

More than 900 people have died in China's central Hubei province as of Sunday, surpassing the death toll from the SARS epidemic in 2002/2003.

The benchmark palm oil contract, for April delivery, on the Bursa Malaysia Derivatives Exchange was down 0.04% at 2,812 ringgit per tonne by 0406 GMT.

Palm oil rallied 8% last week, the most since November 2016, on expectations that January inventories will likely fall to below 2 million tonnes.


FUNDAMENTALS

* January stockpiles in Malaysia are forecast to fall 12% to 1.76 million tonnes from December, the lowest in two and a half years, according to a Reuters survey.

* Traders now await the Malaysian Palm Oil Board January data, as well as Feb. 1-10 export data on Monday to assess the supply-demand situation in the world's second-largest palm oil producer.

* Dalian's most-active soyoil contract traded 0.2% lower, while its palm oil contract fell 0.3%. Soyoil prices on the Chicago Board of Trade edged up 0.5%.

* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

* Palm oil may retest a support at 2,795 ringgit per tonne, a break below which could cause a fall to 2,711 ringgit, Reuters technical analyst Wang Tao said.


MARKET NEWS

* Stocks and oil fell while safe-haven gold rose on Monday as the death toll from a coronavirus outbreak surpassed the SARS epidemic, raising alarm bells about its severity.


DATA/EVENTS

0130 China PPI, CPI YY Jan (Reporting by Mei Mei Chu; Editing by Aditya Soni)