Palm gains 1.4% on US soyoil strength

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KUALA LUMPUR (June 13): Malaysian palm oil futures jumped as much as 1.4% on Thursday, supported by gains in US soyoil on the Chicago Board of Trade.  

The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange was up 1.3% at RM1,995 (US$479.22) per tonne.     

Soybeans gained for a fourth consecutive session as forecasts of more rains in the US Midwest threatened to stall planting.

The Chicago July soybean oil contract edged up 0.3%, after closing 1.3% firmer in the previous session.

FUNDAMENTALS
* Chicago corn rose 1.2% on Thursday to a one-week high, while soybeans gained for a fourth consecutive session as forecasts of more rains in the US Midwest threatened to stall planting.

* Oil prices steadied on Thursday, after slumping as much as 4% in the previous session to nearly five-month lows on the back of a further buildup in US crude stockpiles and worries about lower demand growth.

MARKET NEWS
* Asian stocks stuttered on Thursday, dogged by the uncertainty over an intractable US-China trade dispute, while oil prices flirted with five-month lows due to higher US crude inventories and a bleaker demand outlook.

* The dollar held its gains early on Thursday after rebounding from 11-week lows, as peers such as the euro, pound and commodity currencies sagged due to troubles of their own.

* Wall Street ended down slightly on Wednesday, with bank stocks declining as prospects of a US interest rate cut rose and energy shares tumbling along with oil prices.

(US$1 = RM4.1630)
(US$1 = 69.3840 Indian rupees)
(US$1 = 6.9179 Chinese yuan)