MARKET DEVELOPMENT
VEGOILS/PALM OIL-Market Factors To Watch Aug 13(Tuesday)
VEGOILS/PALM OIL-Market Factors To Watch Aug 13(Tuesday)
13/08/2013 (The Star) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Tuesday.
FUNDAMENTALS
* Malaysian palm oil futures rose on Monday, as worries about a sharp rise in output receded and on hopes end-stocks in the world's No.2 producer may have shrunk again in July due to resilient export demand.
* U.S. soybean futures rallied more than 3 percent on Monday after the U.S. government made deeper-than-expected cuts to its forecasts for production and end-of-season stocks and as a dry spell in the Midwest suggested yields could drop even further.
* Brent crude rose on Monday as fresh export disruptions in OPEC nation Libya stoked supply concerns.
MARKET NEWS
* The U.S. dollar and gold gained on Monday as signs of economic recovery pointed to the likelihood of looming cuts in central bank stimulus, while global equity markets were mostly flat.
* Gold prices hit three-week highs on Monday after the largest exchange traded gold fund showed the first net inflow since June, while surging silver and raw sugar also contributed to broad gains in commodities.
RELATED NEWS
PREVIEW-India's July refined palm oil imports expected to fall for second month
> Soybeans surge 3 pct as USDA cuts crop, stocks forecasts
> USDA raises domestic 2013/14 sugar supply estimate
> ICE sugar sets 7-week high, cocoa climbs in heavy volume
> Armajaro reviews cocoa operations, may close Ecuador unit
> Exporters sell 853,000 T U.S. soybeans to China, unknown buyer
> India's natural rubber imports surge - Reuters
FUNDAMENTALS
* Malaysian palm oil futures rose on Monday, as worries about a sharp rise in output receded and on hopes end-stocks in the world's No.2 producer may have shrunk again in July due to resilient export demand.
* U.S. soybean futures rallied more than 3 percent on Monday after the U.S. government made deeper-than-expected cuts to its forecasts for production and end-of-season stocks and as a dry spell in the Midwest suggested yields could drop even further.
* Brent crude rose on Monday as fresh export disruptions in OPEC nation Libya stoked supply concerns.
MARKET NEWS
* The U.S. dollar and gold gained on Monday as signs of economic recovery pointed to the likelihood of looming cuts in central bank stimulus, while global equity markets were mostly flat.
* Gold prices hit three-week highs on Monday after the largest exchange traded gold fund showed the first net inflow since June, while surging silver and raw sugar also contributed to broad gains in commodities.
RELATED NEWS
PREVIEW-India's July refined palm oil imports expected to fall for second month
> Soybeans surge 3 pct as USDA cuts crop, stocks forecasts
> USDA raises domestic 2013/14 sugar supply estimate
> ICE sugar sets 7-week high, cocoa climbs in heavy volume
> Armajaro reviews cocoa operations, may close Ecuador unit
> Exporters sell 853,000 T U.S. soybeans to China, unknown buyer
> India's natural rubber imports surge - Reuters