Malaysian palm oil/Vegoils: Market factors to watch Friday May 6

 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 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.

KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on 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  
> PREVIEW-Malaysia’s April palm oil stocks to hit 14-month low 
> India regulator says no to futures trading in new commodities 
> 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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