Palm edges up to 4-day top in early trade

-A +A

KUALA LUMPUR (May 8): Malaysian palm oil futures was in line for a second day of gain on Wednesday, climbing to its highest level in four days in early trade.     

The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange was last up 0.5% at RM2,051 (US$494.81) a tonne.

FUNDAMENTALS
* Malaysian palm oil futures jumped by nearly 3% on Tuesday, recovering from a more than five-month low in the previous trading session, tracking gains in related edible oils.

* Chicago soybean futures rose for a second session on Wednesday, with focus on whether the latest round of talks between Washington and Beijing this week will be able to stop an escalation in a festering trade dispute between the two.

* Oil prices stabilised on Wednesday as markets remained relatively tight amid US sanctions on crude exporters Iran and Venezuela.

MARKET NEWS
* Asian equities tracked Wall Street's slide on Wednesday, while investors switched to safe-haven government bonds, driven by fears that global growth will suffer as a potential trade deal between the United States and China appeared to be unravelling.

* Growing fears about the impact of a worsening US-Sino trade conflict on global growth kept the safe-haven Japanese yen near recent highs.

* US stocks slid on Tuesday as escalating trade tensions between the United States and China triggered global growth fears and drove investors away from riskier assets.