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.
Malaysian palm oil/Vegoils: Market factors to watch 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
* 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
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> 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
Source : The Star
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