KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Monday.
FUNDAMENTALS
* Malaysian palm oil futures hit two-month lows before turning positive late on
Friday, as lower comparative oils and crude prices offset industry stocks data
from the previous session.
* U.S. soybeans fell for a second straight session on Friday, dropping further
below an eight-month high touched earlier in the week, as Chinese importers'
defaults on purchases of the oilseed weighed on prices.
* U.S. crude oil rose to near a six-week high on Friday, steered by stronger
gasoline demand and a positive consumer confidence report, but gains were capped
by profit taking and a declining demand outlook.
MARKET NEWS
* The safe-haven yen started the week on a firm footing and Asian shares braced
for more losses on Monday after a dismal week on Wall Street.
* Commodities had the best quarter in 18 months as trading for March ended on
Monday, with weather and economic growth likely to determine if gas, gold,
grains, lean hogs and coffee continue going higher and draw money into the
space.
RELATED
> Marubeni sold soy cargo defaulted on by China buyer - sources
> Soybeans extend drop on China defaults; corn, wheat sag
> Speculators lift bullish sugar stance to 4-1/2-month high -CFTC
> POLL-NOPA March U.S. soy crush seen at 146.1 mln bushels
> Oilseed growers expect French rapeseed crop to recover
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance
will release Malaysia's April 1-15 palm oil export data on April 15.
Palm, soy and crude oil prices at 2354 GMT
Contract Month Last Change Low High Volume
MY PALM OIL APR4 0 +0.00 0 0 0
MY PALM OIL MAY4 0 +0.00 0 0 0
MY PALM OIL JUN4 0 +0.00 0 0 0
CHINA PALM OLEIN SEP4 0 +0.00 0 0 0
CHINA SOYOIL SEP4 0 +0.00 0 0 0
CBOT SOY OIL MAY4 42.10 +0.00 0.00 0.00 0
NYMEX CRUDE MAY4 104.05 +0.31 103.41 104.13 2925
Palm oil prices in Malaysian ringgit per tonne
CBOT soy oil in U.S. cents per pound
Dalian soy oil and RBD palm olein in Chinese yuan per tonne
Crude in U.S. dollars per barrel
- Reuters
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