Malaysian palm oil/Vegoils: Market factors to watch on Wednesday June 3

KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Wednesday June 6. FUNDAMENTALS

> Malaysian palm oil futures hit a three-month high on Tuesday, extending gains into a fourth straight session, buoyed by an overnight rally in soyoil markets and a weak ringgit.
> U.S. corn, soybean and wheat futures rallied on Tuesday, supported by a steep decline in the dollar that made all three commodities more attractive to investors looking for a hedge against inflation, traders said.
> Oil prices rose on Tuesday, driven by a weak dollar and expectations that U.S. crude supplies could have fallen last week for a fifth straight week.

MARKET NEW

> U.S. stocks edged down on Tuesday while the dollar fell and bond yields rose as investors sought clarity on Greece’s debt crisis and awaited the U.S. jobs report.

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> India downgrades monsoon forecast, stokes drought fears DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release data
on Malaysia’s June 1-10 palm oil exports on June 10.
> Industry regulator the Malaysian Palm Oil Board (MPOB) to release data on Malaysia’s end-May
palm oil stocks, exports and production on June 10. Palm, soy and crude oil prices at 0019 GMT

Contract
Month
Last
Change
Low
High
Volume
MY PALM OIL
JUN5
0
+0.00
0
0
0
MY PALM OIL
JUL5
0
+0.00
0
0
0
MY PALM OIL
AUG5
0
+0.00
0
0
0
CHINA PALM OLEIN
SEP5
5218
-4.00
5196
5248
351394
CHINA SOYOIL
SEP5
5888
-26.00
5880
5936
362066
CBOT SOY OIL
JUL5
34.28
-2.20
34.23
34.30
1349
INDIA PALM OIL
JUN5
463.50
-2.20
462.50
468.40
2477
INDIA SOYOIL
JUN5
624.85
+2.75
618.00
627.40
47355
NYMEX CRUDE
JUL5
60.92
-0.34
60.86
61.04
1539


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
Source : The Star

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