Kuala Lumpur: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Wednesday July 8.
FUNDAMENTALS
* Malaysian palm oil finished lower on Tuesday, under pressure from concerns over Greece's
position in the euro zone and weakness in rival soybean oil, although losses were limited by
expectations of lower production.
* U.S. soybean futures touched a one-week low on Tuesday and grain futures slipped as a wave of
concern about the global economy dragged down commodities and equities.
* U.S. crude oil futures steadied on Tuesday after falling sharply a day earlier on worries
about Greece's indebtedness and China's stock market losses, although charts indicated renewed
selling could push prices into bear market territory.
MARKET NEWS
* Copper and other metals plunged on Tuesday as the euro sank to a five-week low against the
dollar after the European Central Bank tightened lending conditions for Greek banks and as the
collapse in equities prices in China drove fears about the country's economy.
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DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release data
on Malaysia's July 1-10 palm oil exports on July 10.
Palm, soy and crude oil prices at 0020 GMT
Contract Month Last Change Low High Volume
MY PALM OIL JUL5 0 +0.00 0 0 0
MY PALM OIL AUG5 0 +0.00 0 0 0
MY PALM OIL SEP5 0 +0.00 0 0 0
CHINA PALM OLEIN JAN6 4774 -198.00 4774 4920 410138
CHINA SOYOIL JAN6 5474 -228.00 5474 5654 393724
CBOT SOY OIL DEC5 31.97 -14.30 31.84 31.99 1218
INDIA PALM OIL JUL5 428.20 -14.30 428.10 442.80 1924
INDIA SOYOIL AUG5 570.50 -10.85 569.40 581.50 93890
NYMEX CRUDE AUG5 52.79 +0.46 52.66 52.96 2073
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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