The palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange rose as much as 0.82 percent to 2,568 ringgit a tonne, its highest since May 19, 2014, before settling down 0.6 percent 2,531 ringgit ($610.62) per tonne. Traded volume stood at 48,968 lots of 25 tonnes each.
KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Friday Feb 26.
FUNDAMENTALS
* Malaysian palm oil futures reversed track to gain for the first time in almost a week on
market short covering and expectations of lower inventories at the end of February.
* U.S. corn and soybean prices fell on Thursday as commodity traders reacted to forecasts of
increased corn plantings and grain production, as well as predictions of falling prices in the
coming growing season.
* Crude oil futures jumped 3 percent on Thursday, reversing earlier loses after confirmation of
a meeting of major producers and news of project delays and job cuts in the industry.
MARKET NEWS
* Asian shares rose on Friday following a firmer finish on Wall Street and as investors awaited
a meeting of Group of 20 finance leaders that will likely offer words of reassurance, even if
little in the way of actual policy stimulus.
RELATED
> IGC raises forecast for 2015/16 world corn crop
> Malaysia's Feb 1-25 palm oil exports fell 16.1 pct -SGS
> Indonesia's Bulog to import 200,000 tonnes of corn in 1Q
> Malaysia's Feb 1-25 palm oil exports down 14.8 pct m/m - ITS
> Indonesia's Astra International misses forecast as profit drops
DATA/EVENTS
> Cargo surveyor ITS releases Malaysia's Feb 1-29 palm oil export data on Feb 29.
Palm, soy and crude oil prices at 0046 GMT
Contract Month Last Change Low High Volume
MY PALM OIL MAR6 0 +0.00 0 0 0
MY PALM OIL APR6 0 +0.00 0 0 0
MY PALM OIL MAY6 0 +0.00 0 0 0
CHINA PALM OLEIN MAY6 4900 -24.00 4886 4942 433852
CHINA SOYOIL MAY6 5638 -32.00 5616 5674 152598
CBOT SOY OIL MAY6 30.91 +3.30 0.00 0.00 0
INDIA PALM OIL FEB6 480.10 +3.30 477.90 481.20 445
INDIA SOYOIL MAR6 615.10 +0.05 615.00 619.50 26740
NYMEX CRUDE APR6 32.95 -0.12 32.84 33.16 6876
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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