KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Thursday Jan 29.
FUNDAMENTALS
* Malaysian palm oil rose for a second day on Wednesday, recouping some of its
recent losses, but traders were wary and questioned how far the recovery could
go since demand remained weak.
* Chicago Board of Trade wheat futures fell 2.7 percent on Wednesday to a
three-month low on technical selling, plentiful global supplies and forecasts
for rains in the U.S. Plains, analysts said.
* Oil slumped on Wednesday, with U.S. crude prices at near six-year lows, after
the government reported record-high inventories in the United States that raised
anxieties about the global oil glut that had pressured the market since last
summer.
MARKET NEWS
* U.S. bond prices rallied, with the 30-year yield hitting a record low on
Wednesday as investors bet U.S. rate hikes were less likely to start soon after
the Federal Reserve said inflation was running below forecasts.
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DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance
to release data on Malaysia's January palm oil exports on Feb. 4.
Palm, soy and crude oil prices at 0007 GMT
Contract Month Last Change Low High Volume
MY PALM OIL FEB5 0 +0.00 0 0 0
MY PALM OIL MAR5 0 +0.00 0 0 0
MY PALM OIL APR5 0 +0.00 0 0 0
CHINA PALM OLEIN MAY5 4768 -42.00 4764 4818 144054
CHINA SOYOIL MAY5 5430 -52.00 5428 5480 187512
CBOT SOY OIL MAR5 30.34 -1.40 0.00 0.00 0
INDIA PALM OIL JAN5 425.60 -1.40 424.70 429.10 561
INDIA SOYOIL FEB5 611.20 -11.95 611.20 628.50 64955
NYMEX CRUDE MAR5 44.52 +0.06 44.34 44.54 1224
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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