Malaysian palm oil futures ended lower on Thursday and snapped two sessions of gains after hitting a 20-month high earlier in the session, on the back of a stronger ringgit and weaker export demand
KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Friday Feb 12.
FUNDAMENTALS
* Malaysian palm oil futures rose on Thursday, reversing losses made in the previous trading
session, over concerns that weather could hurt output.
* U.S. soybean futures rose 1.3 percent on Thursday as the U.S. Agriculture Department's report
of stronger-than-expected exports spurred a round of short-covering, traders said.
* U.S. crude slid on Thursday, hitting 12-year lows as domestic stockpiles grew, Goldman Sachs
called for depressed prices until the second half of the year and investors fled from equities
and other risky assets into safe havens such as gold.
MARKET NEWS
* Stock markets fell worldwide on Thursday on fears over the health of the global economy and
the banking sector, with MSCI's global stock index dropping to more than 20 percent below its
all-time high, while safe-haven 10-year Treasury yields hit their lowest since 2012.
RELATED
> FOB Gulf Grain-Wheat premiums steady/weak on sluggish demand
> U.S. Cash Grains-Corn and soy bids unchanged; farmers not budging
> Credit demand rises in U.S. farm economy as incomes fall
> Bunge takes legal action to deliver rejected French wheat to Egypt
> La Nina expected in next months for the first time since 2012
DATA/EVENTS
> Cargo surveyor ITS releases Malaysia's Feb 1-15 palm oil export data on Feb 15.
> Cargo surveyor SGS releases Malaysia's Feb 1-15 palm oil export data on Feb 15.
Palm, soy and crude oil prices at 0016 GMT
Contract Month Last Change Low High Volume
MY PALM OIL FEB6 0 +0.00 0 0 0
MY PALM OIL MAR6 0 +0.00 0 0 0
MY PALM OIL APR6 0 +0.00 0 0 0
CHINA PALM OLEIN MAY6 0 +0.00 0 0 0
CHINA SOYOIL MAY6 0 +0.00 0 0 0
CBOT SOY OIL MAR6 31.59 +15.90 0.00 0.00 0
INDIA PALM OIL FEB6 484.00 +15.90 468.70 486.80 2930
INDIA SOYOIL FEB6 619.50 +11.25 609.00 622.00 13430
NYMEX CRUDE MAR6 27.37 +1.16 27.09 27.43 3332
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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