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 slid to their lowest in more than 11 months on
Wednesday, dragged by fears of abundant global oilseed supplies, and as
estimates for an uptick in palm oil output this month turned investors wary.
* Front-month soybean futures rose to their highest level in more than a week on
Wednesday, supported by firming U.S. cash markets as supplies of old-crop
soybeans dwindle with the autumn harvest still about two months away, traders
said.
* Crude oil futures rose on Wednesday, as oil stockpiles in the United States
fell more than expected and geopolitical tensions in Eastern Europe and the
Middle East persisted.
MARKET NEWS
* Global equity markets edged higher on Wednesday as a backdrop of solid
corporate earnings buoyed risk appetite, but worries over the Middle East and
Ukraine kept demand strong for safe-haven assets such as bonds.
* 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.
RELATED
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> Ethanol needs separate treatment in U.S. rail rules
> ICE cocoa at 3-yr high as shorts scramble, arabica rallies
> Coffee prices to extend gains as market switches to deficit
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance
to release Malaysia's July 1-25 palm oil export data on July 25.
Palm, soy and crude oil prices at 2359 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 5664 +68.00 5572 5666 213682
CHINA SOYOIL JAN5 0 +0.00 0 0 0
CBOT SOY OIL DEC4 36.37 +0.00 0.00 0.00 0
NYMEX CRUDE SEP4 103.10 -0.02 103.07 103.31 1196
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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