KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Friday Jan 30.
FUNDAMENTALS
* Malaysian palm oil slid more than 3 percent on Thursday as the market snapped
two sessions of gains to drop to its lowest in almost six weeks, under pressure
from plentiful global edible oil supplies and slowing demand.
* Chicago Board of Trade wheat futures rose on Thursday, halting a six-session
slide and rebounding from a three-month low after the U.S. Department of
Agriculture reported larger-than-expected weekly export sales.
* Global oil prices firmed slightly on Thursday but not before U.S. crude hit a
near six-year low and benchmark Brent pared gains on data showing fresh
additions to already record-high U.S. oil inventories.
MARKET NEWS
* Global equity markets were little changed on Thursday after a late surge on
Wall Street overcame earlier declines on worries about Greece's path and a mixed
earnings season so far, while U.S. government bond yields rose on fresh signs of
a strong American labor market.
RELATED
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> Rapeseed crops in western Europe seen vulnerable to frost
> POLL: Raw sugar recovery will be marginal
> Chocolate maker Hershey to enter meat snacks business
> Arabica sinks to 6-1/2-month low, raw sugar tumbles
> Potash Corp's profit beats on higher potash sales; outlook misses
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance
to release data on Malaysia's January palm oil exports on Feb. 4.
Palm, soy and crude oil prices at 0452 GMT
Contract Month Last Change Low High Volume
MY PALM OIL FEB5 2240 -24.00 2230 2254 29
MY PALM OIL MAR5 2228 -19.00 2220 2249 388
MY PALM OIL APR5 2210 -20.00 2202 2222 7986
CHINA PALM OLEIN MAY5 4846 -22.00 4844 4874 180294
CHINA SOYOIL MAY5 5514 -52.00 5508 5562 240078
CBOT SOY OIL MAR5 31.48 -3.50 31.47 31.57 2367
INDIA PALM OIL JAN5 434.90 -3.50 434.00 439.50 488
INDIA SOYOIL FEB5 616.00 -9.00 615.70 624.80 50145
NYMEX CRUDE MAR5 45.06 -0.53 44.35 45.35 25835
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
India soy oil in Indian rupee per 10 kg
Crude in U.S. dollars per barrel
- Reuters
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