KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Monday June 8.
FUNDAMENTALS
* Malaysian palm oil futures ended higher on Friday, reversing losses from the morning session
thanks to a boost from bullish technicals and underpinned by a weak ringgit to clock their
biggest weekly rise in four months.
* U.S. corn, wheat and soybean futures fell on Friday on end-of-week profit-taking and technical
selling, traders said. It was the first time all three commodities posted losses on the same day
since May 26.
* Oil staged its first rally in three days on Friday, gaining 2 percent, despite warnings of
more oversupply as a result of OPEC's decision to keep pumping crude without restraint.
MARKET NEWS
* Benchmark 10-year U.S. Treasury yields posted their steepest weekly jump in nearly two years
and the dollar hit a 13-year high against the yen on Friday after jobs growth suggested the
Federal Reserve will raise interest rates sooner than expected.
RELATED
> PREVIEW-Malaysia's May palm stocks seen easing as exports jump nearly 40 pct
> India's Skymet rejects official forecast of likely drought
> India's monsoon rains arrive in Kerala state- weather officials
> Good weather boosts chances of high Black Sea wheat crop
> Shares of tea retailer DavidsTea make hot U.S. debut
> Colombia May coffee output, exports rise from year ago
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release data
on Malaysia's June 1-10 palm oil exports on June 10.
> Industry regulator the Malaysian Palm Oil Board (MPOB) to release data on Malaysia's end-May
palm oil stocks, exports and production on June 10.
Palm, soy and crude oil prices at 0452 GMT
Contract Month Last Change Low High Volume
MY PALM OIL FEB5 2240 -24.00 2230 2254 29
MY PALM OIL MAR5 2228 -19.00 2220 2249 388
MY PALM OIL APR5 2210 -20.00 2202 2222 7986
CHINA PALM OLEIN MAY5 4846 -22.00 4844 4874 180294
CHINA SOYOIL MAY5 5514 -52.00 5508 5562 240078
CBOT SOY OIL MAR5 31.48 -3.50 31.47 31.57 2367
INDIA PALM OIL JAN5 434.90 -3.50 434.00 439.50 488
INDIA SOYOIL FEB5 616.00 -9.00 615.70 624.80 50145
NYMEX CRUDE MAR5 45.06 -0.53 44.35 45.35 25835
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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