Malaysian palm oil/Vegoils: Market factors to watch Thursday May 5

Masing says the oil palm industry contributed RM8bil to Sarawak

KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Thursday May 5.
    
FUNDAMENTALS

* Malaysian palm oil futures rose on Wednesday, marking their sharpest jump in nearly five months, as traders covered short positions after four sessions of losses and as the ringgit MYR= sunk to its weakest in five weeks. 

* U.S. wheat and soybeans firmed on Wednesday, reversing overnight losses, on technical buying and a mild round of short-covering, traders said. 

* A bigger-than-expected build in U.S. crude inventories to fresh record highs pushed oil markets lower on Wednesday after an early rally over concerns about production cuts in Canada's oil sands region due to a wildfire. 

    
MARKET NEWS

* Global equity markets fell for a second straight day on Wednesday on mostly weak economic data while metals prices slipped on renewed concerns of a downturn in global growth.    

        
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- Reuters