KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Friday.
FUNDAMENTALS
* Malaysian palm oil futures ended higher on Thursday, snapping a three-day
losing streak as investors short-covered positions ahead of the long weekend and
as a small recovery in the comparative soy oil markets provided some relief to
palm.
* U.S. soybean prices rose to a near two-week high on Thursday on firm export
demand and concerns that dry weather in parts of the Midwest crop belt might
jeopardize yield prospects, traders said.
* Oil futures prices fell on Thursday as unseasonably weak demand and plentiful
supplies of crude and refined products offset strong Chinese factory data that
could presage higher energy demand in the world's No. 2 oil consumer.
MARKET NEWS
* Global stock markets inched higher while U.S. debt prices fell on Thursday
following unexpectedly low U.S. weekly jobless claims and stronger-than-expected
U.S. earnings from companies including Facebook FB.O.
* 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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> U.S. soybeans extend advance on exports, weather worries
> ICE cocoa climbs to three-year high, sugar pares gains
> Brazil sugar output steady despite rains in early July -Unica
> Brazil's Cooxupe says nearly 60 percent of coffee crop harvested
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.
> Malaysian palm oil markets will be closed between July 28-29 for the Eid
al-Fitr holiday.
Palm, soy and crude oil prices at 0010 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 5648 +20.00 5638 5690 255150
CHINA SOYOIL JAN5 0 +0.00 0 0 0
CBOT SOY OIL DEC4 36.29 -0.07 36.27 36.42 194
NYMEX CRUDE SEP4 102.07 +0.00 101.95 102.09 1106
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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