KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Tuesday.
FUNDAMENTALS
* Malaysian palm oil futures slid to a five-and-a-half year low on Friday due to
fears of rising vegetable oil supply and lower demand, resulting in its biggest
monthly loss since September 2012.
* U.S. corn and soybeans closed lower on Friday, flirting with contract lows on
forecasts for rain that boosted confidence of bumper harvests for both crops
this fall.
* Brent crude oil prices dipped on Monday as manufacturing growth faltered in
Europe and China at a time of ample supply, although the risk of production
setbacks remained high in Libya where the government has lost control of most of
the capital.
MARKET NEWS
* World markets advanced on Monday despite the conflict in Ukraine, focusing on
whether the European Central Bank will announce plans for economic stimulus when
it meets this week.
RELATED ]
> Rain forecast weighs on U.S. corn, soy, wheat futures
> Drought leaves up to 2.81 mln hungry in Central America -U.N.
> Bunge Ohio grain elevator remains closed after explosion
> Argentina cuts 2013/14 soy area estimate to 19.5 mln hectares
> Brazil seen producing 78 mln tonnes of corn in 2014/15 -analyst
> Sime Darby sees palm prices at 1,900-2,200 rgt in next 4 mths
> Felda Global seeks to buy Asian Plantations for $199 mln
> Malaysia's Sime Darby Q4 profit down 9 pct on weaker palm output, prices
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance
to release August palm oil export data on Sept. 2.
Palm, soy and crude oil prices at 0018 GMT
Contract Month Last Change Low High Volume
MY PALM OIL SEP4 0 +0.00 0 0 0
MY PALM OIL OCT4 0 +0.00 0 0 0
MY PALM OIL NOV4 0 +0.00 0 0 0
CHINA PALM OLEIN JAN5 5158 +12.00 5142 5162 114746
CHINA SOYOIL JAN5 0 +0.00 0 0 0
CBOT SOY OIL DEC4 32.06 -0.08 32.06 32.15 799
NYMEX CRUDE OCT4 95.78 -0.18 95.52 95.91 27148
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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