Edible oils are likely to see pare some of the losses following a rebound in the global vegetable oils market on Thursday. Grains such as corn could continue to be under pressure, while gold may rule steady.

The vegetable oils market which has been constantly hammered this week saw rebound last evening on the Bursa Derivatives Exchange in Malaysia. Crude palm oil gained 4.5 per cent to 2,351 Malaysian ringgit (MYR) on Wednesday evening after dropping to a three-year low of 2,330 MYR.

Soyabean on the Chicago Board of Trade (CBOT) also saw a rebound on technical buying and value buying on Wednesday night. Soyabean for November delivery ended up at $ 15.31-3/4 a bushel after plunging to a three-month low of $ 15.04.

The rebound, however, is unlikely to sustain for a longer period in view of Malaysia ending up with higher palm oil stocks this year, soyabean harvest in the US and arrival of Kharif crops in India.

Industrial maize (corn) and wheat could be range-bound, though they were mixed in the global market. Corn December contracts on CBOT slid to $ 7.56-3/4 a bushel on Wednesday following sluggish demand. A drop in crude oil prices put pressure on the counter. December wheat futures on CBOT ended up 1-1/2 cents at $ 8.73 a bushel after slipping to $ 8.73 on slack demand.

A $4 drop in crude oil could act as a bearish factor on the rubber market. Therefore, rubber prices are likely to come under pressure.

Gold, on the other hand, is likely to continue ruling steady. In early trade in Singapore on Thursday, the yellow metal ruled steady with marginal gains from earlier sessions. Investors looking for action from Central Banks to prop up the economy could keep its prices firm. Spot gold was unchanged at $ 1,778.14 an ounce.

Base metals could witness selling pressure on poor data from Europe and China. A change in the trend is likely only after Central Banks give a clear signal on their plans to help the economy grow.

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