KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Monday.
FUNDAMENTALS
* Malaysian palm oil edged higher on Friday after sliding to its lowest since
September and falling for a third straight week as expectations of ample global
supplies of oilseed and slowing exports pressured the market.
* U.S. wheat futures fell 3.4 percent on Friday, erasing gains posted a day
earlier following the downing of a Malaysian commercial airliner over eastern
Ukraine, while Chicago Board of Trade corn futures also declined and soybeans
were mostly lower.
* Oil prices eased in thin trade on Friday but notched their first weekly gain
in a month due to heightened geopolitical risk after the downing of a Malaysian
jetliner over eastern Ukraine and as Israeli ground troops advanced into
Gaza.
MARKET NEWS
* U.S. stocks rebounded and European markets recovered a bit on Friday but the
euro dipped below $1.35 for first time since February after a Malaysian airliner
was downed in eastern Ukraine and Israel stepped up a ground assault in
Gaza.
* Gold prices jumped their most in a month on Thursday on geopolitical worries
after a Malaysian jetliner crashed in eastern Ukraine, while other key
commodities rose, too, on an improved demand outlook versus supply.
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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 0013 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 5676 -20.00 5668 5736 327870
CHINA SOYOIL JAN5 0 +0.00 0 0 0
CBOT SOY OIL DEC4 36.39 -0.33 36.31 36.66 1082
NYMEX CRUDE AUG4 102.82 -0.31 102.73 103.03 547
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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