KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Wednesday April 1.
FUNDAMENTALS
* Malaysian palm oil futures edged down on Tuesday as traders took profits
after a rally the day before and after Indonesia kept its palm oil export tax at
zero for April.
* A double-whammy of U.S. crop reports pegging corn plantings and inventories
above traders' estimates knocked down grain futures on Tuesday and fueled
forecasts for further price declines.
* Oil fell for a third straight session on Tuesday, with Brent crude tumbling 12
percent for the month, as world powers entered into intense negotiations with
Iran for a nuclear deal that could bring more of its oil to an oversupplied
market.
MARKET NEWS
* The euro closed out the worst quarter in its 15-year history on Tuesday,
slammed by monetary policy changes and worries about Greece, while U.S. stocks
retreated a day after posting big gains.
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DATA/EVENTS
> NIL
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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