Palm oil/Vegoils: market factors to watch April 22 (Tuesday)


  • Business Premium
  • Tuesday, 22 Apr 2014

KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Tuesday.
    
FUNDAMENTALS
* Malaysian palm oil futures ended higher on Monday after two days of losses, as
investors pinned hopes for an increase in demand ahead of a major Muslim
festival despite a surprise drop in exports in the first 20 days of the
month. 
* U.S. wheat futures fell the most in more than a year on Monday as rains
expected in the drought-stricken U.S. Plains raised hopes for the upcoming
harvest. 
* Brent crude oil strengthened slightly while U.S. crude futures were briefly
supported by positive economic data on Monday but prices were range-bound in low
volumes following Easter Sunday with no significant escalation in tensions over
Ukraine. 
   
    
MARKET NEWS
* Asian shares were supported on Tuesday after Wall Street stocks extended gains
into a fifth day, though investors continued to see tensions in Ukraine as a
threat to risk appetite. 
    
RELATED   
> Malaysia's Apr 1-20 palm oil exports fell 6.0 pct -SGS      
> Malaysia's April 1-20 palm oil exports fall 5.9 pct -ITS    
> Indonesia's monthly palm oil exports up 13 pct m/m in March 
> Argentina moves to eliminate taxes paid by biodiesel producers 
 
> Shell says Martinez refinery operating at planned rates   
                          
DATA/EVENTS    
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance
to release Malaysia's April 1-25 palm oil export data on April 25.
    
    
  Palm, soy and crude oil prices at 0050 GMT
                                                                         
  Contract        Month    Last   Change     Low    High  Volume
  MY PALM OIL      MAY4       0    +0.00       0       0       0
  MY PALM OIL      JUN4       0    +0.00       0       0       0
  MY PALM OIL      JUL4       0    +0.00       0       0       0
  CHINA PALM OLEIN SEP4       0    +0.00       0       0       0
  CHINA SOYOIL     SEP4       0    +0.00       0       0       0
  CBOT SOY OIL     JUL4   43.24    -0.02   43.21   43.40     964
  NYMEX CRUDE      MAY4  104.24    -0.13  104.24  104.36    1003
                                                                         
  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
  Crude in U.S. dollars per barrel
 - Reuters

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