KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Monday.
FUNDAMENTALS
* Malaysian palm oil futures dropped to a one-year low on Friday with the market on track for a fifth week of declines in six as expectations of higher production pressured prices.
* U.S. wheat futures fell for a second session on Friday on profit-taking but still ran up nearly 3 percent this week, partly on fears of disrupted grain flows from the Black Sea region.
* Brent crude oil fell toward $105 a barrel on Friday, following U.S. air strikes in Iraq that analysts said might lower the risk of oil supply disruptions from OPEC’s second-largest producer, while U.S. crude found support from a rebounding stock market.
MARKET NEWS
* Wall Street rallied on Friday after Russia said it ended military drills near Ukraine, soothing investor nerves over regional tensions, but bond yields fell in key markets worldwide after U.S. President Barack Obama authorized air strikes in Iraq.
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DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release August 1-10 palm oil export data on August 11.
> Industry regulator the Malaysian Palm Oil Board (MPOB) to release data on Malaysia’s end-July palm oil stocks, exports and production on August 11.
Palm, soy and crude oil prices at 0010 GMT
|
Contract |
Month |
Last |
Change |
Low |
High |
Volume |
|
MY PALM OIL |
AUG4 |
0 |
+0.00 |
0 |
0 |
0 |
|
MY PALM OIL |
SEP4 |
0 |
+0.00 |
0 |
0 |
0 |
|
MY PALM OIL |
OCT4 |
0 |
+0.00 |
0 |
0 |
0 |
|
CHINA PALM OLEIN |
JAN5 |
5622 |
-6.00 |
5592 |
5626 |
157394 |
|
CHINA SOYOIL |
JAN5 |
0 |
+0.00 |
0 |
0 |
0 |
|
CBOT SOY OIL |
DEC4 |
35.79 |
-0.08 |
35.73 |
35.87 |
330 |
|
NYMEX CRUDE |
SEP4 |
97.67 |
+0.02 |
97.37 |
97.75 |
2321 |
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 Crude in U.S. dollars per barrel – Reuters
Source : The Star
