Malaysian palm oil/Vegoils: Market factors to watch Friday May 6


  • Business
  • Friday, 06 May 2016

Profitable: Excluding the forex gain, IOI said the underlying pre-tax profit in Q2 was up 76% year-onyear at RM649.2mil on a 3.9% higher revenue of RM2.97bil.

KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Friday May 6.
    
FUNDAMENTALS

* Malaysian palm oil futures reversed their losses from earlier trade on Thursday, rising to a one-week high as the ringgit MYR= weakened against the dollar to breach the 4.00 mark in the evening. 

* U.S. corn and soybean futures fell on Thursday, with soy dropping 2 percent, on profit-taking by investment funds looking to lock in gains from recent rallies. 

* Oil prices surged on Thursday after a raging wildfire near Canada's oil sands region curbed output that mainly flows to the United States, before settling off their highs as a rebounding dollar and a huge U.S. stockpile build cut into gains. 

    
MARKET NEWS

* U.S. stocks ended steady on Thursday as a mixed quarterly earnings season winds down, but Treasury yields fell to two week lows as investors hedged positions ahead of the monthly U.S. government employment report due on Friday.    

        
RELATED  
> PREVIEW-Malaysia's April palm oil stocks to hit 14-month low 
> India regulator says no to futures trading in new commodities 
> China corn reserves eyed as crop area to fall for 1st time in 13 years    
> EXCLUSIVE-Shift in Saudi oil thinking deepens OPEC split 
> Hits to Americas oil output show global glut not invincible 
    
DATA/EVENTS
> Cargo surveyor ITS releases Malaysia's May 1-10 palm oil export data on May 10.
> Cargo surveyor SGS releases Malaysia's May 1-10 palm oil export data on May 10.
- Reuters
Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3

palm oil , oil palm , commodities , cpo , plantations , stocks , shares , klci , klse , bursa , price ,

   

Across the site