KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Monday March 2.
FUNDAMENTALS
* Malaysian palm oil futures rose on Friday for a second straight weekly gain on
anticipation of weaker output from top grower Indonesia, and as investors
stepped up buying ahead of an industry meet in Kuala Lumpur next week.
* Chicago wheat futures rallied nearly 3 percent on Friday after falling to
three-week lows this week as another arctic blast across the U.S. winter wheat
belt raised worries about the dormant crop, traders and analysts said.
* Crude oil rose sharply on Friday as Brent and U.S. futures posted their first
monthly gains since June, supported by an improving demand outlook and supply
outages.
MARKET NEWS
* U.S. stocks closed lower on the last trading day of February after mixed U.S.
economic data on a day when European stocks hit records and oil prices rebounded
for their first monthly gain since June.
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DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance
to release data on Malaysia's February palm oil exports on March 2.
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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