KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Thursday.
FUNDAMENTALS
* Malaysian palm oil futures ended higher on Wednesday, rebounding from the
previous session's slide to an over-9-month low, as a recovery in comparative
soy markets and a weaker ringgit provided some relief to the tropical oil.
* U.S. corn and soybean futures rose on Wednesday in a light bounce after
setting multiyear lows a day earlier, but farmer selling and expectations of
near-record U.S. harvests limited gains.
* U.S. crude oil rose more than $1 on Wednesday, rebounding from recent steep
drops after government data showed the country's crude stockpiles fell sharply
last week.
MARKET NEWS
* Stock markets around the world rose on Wednesday, with the Dow Jones
industrial average ending at record levels as strong China growth data and
potential big deals in the United States boosted investor sentiment.
* Commodities sank on Tuesday, with a key sector gauge at five-month lows, after
crude oil prices were hit by higher Libyan output and weak global growth while
gold fell on a Federal Reserve report showing U.S. bond-buying will end by
October.
RELATED
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> Indonesia expects rice surplus of 4.2 mln tonnes in 2014 -govt
> Malaysia's Jul 1-15 palm oil exports rose 11.4 pct -SGS
> Malaysia's July 1-15 palm exports rise 14.2 pct -ITS
> Typhoon kills at least 20 in the Philippines, heads towards China
> More Argentine grains workers strike in pivotal export hub
> Dry weather in Russia triggers upgrades to grain crop forecasts
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance
to release Malaysia's July 1-20 palm oil export data on July 21.
Palm, soy and crude oil prices at 0014 GMT
Contract Month Last Change Low High Volume
MY PALM OIL AUG4 0 +0.00 0 0 0
MY PALM OIL SEP4 0 +0.00 0 0 0
MY PALM OIL OCT4 0 +0.00 0 0 0
CHINA PALM OLEIN JAN5 5710 +2.00 5710 5728 109504
CHINA SOYOIL JAN5 0 +0.00 0 0 0
CBOT SOY OIL DEC4 36.89 -0.10 36.87 37.01 572
NYMEX CRUDE AUG4 101.52 +0.32 101.37 101.55 1671
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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