KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Tuesday.
FUNDAMENTALS
* Malaysian palm oil futures ended lower on Monday, stretching losses into a fourth straight day, as investors waited for an official report on export demand and stocks of the tropical oil in the world’s second-largest producer.
* U.S. wheat futures jumped nearly 2 percent on Monday as scorching temperatures in the southern Plains deepened fears about weather damage to the U.S. hard red winter wheat crop.
* Brent crude oil fell by more than $1 a barrel on Monday, pressured by reports that China’s manufacturing sector contracted and Libya’s oil output was recovering.
MARKET NEWS
* Asian share markets shuffled higher on Tuesday after promising U.S. economic news helped Wall Street to a firmer finish, though activity was again light with Tokyo still on holiday.
* Commodities had the best quarter in 18 months as trading for March ended on Monday, with weather and economic growth likely to determine if gas, gold, grains, lean hogs and coffee continue going higher and draw money into the space.
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> Cargo surveyor Intertek Testing Services to release Malaysia’s May 1-10 palm oil export data on May 10. Another cargo surveyor Societe Generale de Surveillance to release data for same period on May 12.
> Industry regulator the Malaysian Palm Oil Board (MPOB) to release data on Malaysia’s end-April palm oil stocks, exports and production on May 12.
Palm, soy and crude oil prices at 0042 GMT
| Contract | Month | Last | Change | Low | High | Volume |
| MY PALM OIL | MAY4 | 0 | +0.00 | 0 | 0 | 0 |
| MY PALM OIL | JUN4 | 0 | +0.00 | 0 | 0 | 0 |
| MY PALM OIL | JUL4 | 0 | +0.00 | 0 | 0 | 0 |
| CHINA PALM OLEIN | SEP4 | 0 | +0.00 | 0 | 0 | 0 |
| CHINA SOYOIL | SEP4 | 0 | +0.00 | 0 | 0 | 0 |
| CBOT SOY OIL | JUL4 | 41.09 | -0.09 | 41.07 | 41.17 | 684 |
| NYMEX CRUDE | JUN4 | 99.45 | -0.03 | 99.32 | 99.50 | 828 |
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
