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Sri Lanka struggled to contain the flow of runs in sunny conditions after lunch as Latham cruised to his 29th Test half-century
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Palm oil edges down on weak economic outlook
Malaysian crude palm oil futures inched down on Friday, as investors took a more cautious stance on weak economic data from the United States and China, worrying that slowing global growth could hurt commodity demand.
US factory growth registered its slowest pace in 11 months in June and Chinese manufacturing contracted for an eighth month running. Shrinking business activity across the euro zone and a downgrade to the credit ratings of 15 of the world’s biggest banks by ratings agency Moody’s also added to the gloom.
But palm oil looks set to record a weekly gain of 3.9 percent as dry weather in the US threatened to tighten global oilseed supplies.
“We are seeing a tug of war. On one hand we have good fundamentals, on the other hand we have macroeconomic factors that are a bit bearish,” said James Ratnam, an analyst with TA Securities in Malaysia.
By the midday break, benchmark September palm oil futures on the Bursa Malaysia Derivatives Exchange had lost 1.4 percent to 2,958 ringgit ($928) per tonne. Prices rose as high as 3,062 ringgit on Thursday, a level unseen since June 1.
Traded volumes were thin at 8,703 lots of 25 tonnes each, compared to the usual 12,500 lots on investor caution.
On the technicals front, palm oil will drop to 2,924 ringgit, as a rebound from its low of 2,838 ringgit has been completed, Reuters market analyst Wang Tao said.
Malaysian palm oil exports grew 15 percent in the first 20 days of the month from a month ago, said cargo surveyor Intertek Testing Services and Societe Generale de Surveillance, backed by last-minute buying from India and Pakistan ahead of the fasting month beginning in late July.
In related news, commodities trader Louis Dreyfus is buying a smaller-than-anticipated slice of Malaysian palm oil firm Felda Global Ventures Holding’s $3.1 billion IPO but sealed a deal to market the company’s palm oil.
Felda Global said it had reached a final agreement with the trading firm.
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