PalmOilKUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Thursday. Exports of Malaysian palm oil products for April 1-20 fell 13 percent to 638,666 tonnes from 734,897 tonnes shipped during March 1-20, cargo surveyor Societe Generale de Surveillance said on Wednesday. Exports of Malaysian palm oil products for April 1-20 fell 15 percent to 612,342 tonnes from 719,302 tonnes shipped during March 1-20, cargo surveyor Intertek Testing Services said on Wednesday. Malaysian palm oil futures rose more than 1 percent on Wednesday as traders booked positions on firmer overseas markets, despite key exports data showing weakening demand. Soybean prices retreated from early highs but retained some of their gains and closed 1.2 percent higher on Wednesday as worries subsided that stalled corn seeding would shift more US acreage to soybean cultivation. Brent oil jumped 2 percent to near $124 a barrel on Wednesday as US crude oil inventories fell for the first time in seven weeks and the dollar weakened sharply, fueling investor appetite for riskier assets. Gold hit another record high above $1,500 an ounce and oil rose to nearly $124 a barrel on Wednesday, as a weaker dollar fed risk appetite among investors Major stock markets rose sharply on Wednesday after strong corporate earnings in both the United States and Europe, while gold jumped to record highs above $1,500 an ounce in a broad commodities rally. Cargo surveyor Intertek Testing Services and Societe Generale de Surveillance to unveil Malaysian palm oil products export data for the period of April 1-25 on Monday at 0230 GMT & 0630 GMT, respectively.
Thursday, April 21, 2011
Palm futures seen gaining strength on higher soy, crude
PalmOilKUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Thursday. Exports of Malaysian palm oil products for April 1-20 fell 13 percent to 638,666 tonnes from 734,897 tonnes shipped during March 1-20, cargo surveyor Societe Generale de Surveillance said on Wednesday. Exports of Malaysian palm oil products for April 1-20 fell 15 percent to 612,342 tonnes from 719,302 tonnes shipped during March 1-20, cargo surveyor Intertek Testing Services said on Wednesday. Malaysian palm oil futures rose more than 1 percent on Wednesday as traders booked positions on firmer overseas markets, despite key exports data showing weakening demand. Soybean prices retreated from early highs but retained some of their gains and closed 1.2 percent higher on Wednesday as worries subsided that stalled corn seeding would shift more US acreage to soybean cultivation. Brent oil jumped 2 percent to near $124 a barrel on Wednesday as US crude oil inventories fell for the first time in seven weeks and the dollar weakened sharply, fueling investor appetite for riskier assets. Gold hit another record high above $1,500 an ounce and oil rose to nearly $124 a barrel on Wednesday, as a weaker dollar fed risk appetite among investors Major stock markets rose sharply on Wednesday after strong corporate earnings in both the United States and Europe, while gold jumped to record highs above $1,500 an ounce in a broad commodities rally. Cargo surveyor Intertek Testing Services and Societe Generale de Surveillance to unveil Malaysian palm oil products export data for the period of April 1-25 on Monday at 0230 GMT & 0630 GMT, respectively.
