Malaysian Palm oil/Vegoils: Market factors to watch Tuesday June 2

KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Tuesday June 2.
    
FUNDAMENTALS
* Malaysian palm oil futures rallied nearly 4 percent to their highest in 2-1/2 months on
Monday, tracking a jump in overseas soyoil markets and further underpinned by strong exports for
the month of May. 
* U.S. wheat futures rallied 3.4 percent on Monday, bouncing off of their lowest in nearly three
weeks, on a round of short-covering, traders said. 
* Oil settled down as much as 1 percent on Monday, retreating from Friday’s sharp rally on a
strong dollar and concern over stubbornly high supplies as OPEC was expected to stick with
robust production at its meeting this week. 
    
MARKET NEWS
* The U.S. dollar gained on Monday after a round of economic data kept expectations alive for an
interest rate hike from the Federal Reserve this year, while the euro fell on worry about
Greece’s financial crisis and soft euro zone data.    
    
RELATED
> Frost damage in Manitoba drives up canola prices 
> Russian wheat export prices down, track global benchmarks       
> Argentine election candidates plan to unwind president’s policies   
> Washington finds unlikely ally in OPEC as biofuels debate rages 
> India monsoon rains delayed, to arrive by June 5-weather office 
> Malaysia’s May palm oil exports rose 44.0 pct -SGS              
> Malaysia’s May palm oil exports surge 44.7 pct -ITS      
           
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 0014 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 5220 +36.00 5202 5250 472110
CHINA SOYOIL SEP5 5916 +80.00 5878  5950 548556
CBOT SOY OIL JUL5 34.57  +4.00 34.48 34.58 1195
INDIA PALM OIL JUN5 466.00 +4.00  459.30 468.80 3175
INDIA SOYOIL JUN5 621.60 +8.60 611.70 623.30 47430
NYMEX CRUDE JUL5 60.18 -0.02 60.11 60.31 1967

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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