MARKET DEVELOPMENT
Palm Oil/Vegoils: Market Factors to Watch Dec 6 (Friday)
Palm Oil/Vegoils: Market Factors to Watch Dec 6 (Friday)
06/12/2013 (The Star) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Friday.
FUNDAMENTALS
* Malaysian palm oil futures ended lower on Thursday as investors booked profits from gains in the previous session, but prices were held up by worries that flooding in major palm-growing areas would disrupt output in the world's No.2 producer.
* U.S. wheat futures fell more than 1 percent to a one-week low on Thursday on slow U.S. export sales of wheat and a larger-than-expected Canadian crop.
* Brent crude oil futures fell and U.S. crude oil futures gained for a fifth straight session on Thursday, narrowing the gap between the two benchmarks to a two-week low as positive U.S. economic data hinted at a resurgence of demand for oil in the world's largest consumer.
MARKET NEWS
* Asian markets were heading into another trying session on Friday as speculation builds about an imminent scaling back in U.S. stimulus, with payrolls data looming as make or break for a move this month.
* Gold rebounded 2 percent on a surge of short-covering after hitting a five-month low while U.S. oil rose for the fourth straight session on an unexpected drop in U.S. stockpiles, lifting the benchmark commodities index to a five-week high.
RELATED NEWS
> Malaysia Nov palm stocks likely climbed as exports slipped
> Global food prices flat in November - FAO
> China's top farm official reins in land reform expectations
> Cocoa futures slide on profit-taking
> Bleak outlook for WTO deal as rifts widen over food subsidies
> Global food prices flat in November - FAO
> Lobbyists swarm Washington as EPA mulls cutting biofuels mandate
DATA/EVENTS
> Industry regulator the Malaysian Palm Oil Board (MPOB) will release data on
Malaysia's end-November palm oil stocks, exports and production on Dec. 10.
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance
will release Malaysia's Dec. 1-10 palm oil export data on Dec. 10.
Key commodity markets at 2343 GMT
Contract Month Last Change Low High Volume
RINGGIT/USD 3.2275 +0.00 0 0
CHINA PALM OLEIN MAY4 0 +0.00 0 0 0
CHINA SOYOIL MAY4 0 +0.00 0 0 0
CBOT SOYOIL JAN4 40.61 +0.00 0.00 0.00 0
NYMEX CRUDE JAN4 97.44 +0.06 97.35 97.47 531
CBOT soy oil in U.S. cents per pound
Dalian soy oil in Chinese yuan per tonne
Crude in U.S. dollars per barrel. - Reuters
FUNDAMENTALS
* Malaysian palm oil futures ended lower on Thursday as investors booked profits from gains in the previous session, but prices were held up by worries that flooding in major palm-growing areas would disrupt output in the world's No.2 producer.
* U.S. wheat futures fell more than 1 percent to a one-week low on Thursday on slow U.S. export sales of wheat and a larger-than-expected Canadian crop.
* Brent crude oil futures fell and U.S. crude oil futures gained for a fifth straight session on Thursday, narrowing the gap between the two benchmarks to a two-week low as positive U.S. economic data hinted at a resurgence of demand for oil in the world's largest consumer.
MARKET NEWS
* Asian markets were heading into another trying session on Friday as speculation builds about an imminent scaling back in U.S. stimulus, with payrolls data looming as make or break for a move this month.
* Gold rebounded 2 percent on a surge of short-covering after hitting a five-month low while U.S. oil rose for the fourth straight session on an unexpected drop in U.S. stockpiles, lifting the benchmark commodities index to a five-week high.
RELATED NEWS
> Malaysia Nov palm stocks likely climbed as exports slipped
> Global food prices flat in November - FAO
> China's top farm official reins in land reform expectations
> Cocoa futures slide on profit-taking
> Bleak outlook for WTO deal as rifts widen over food subsidies
> Global food prices flat in November - FAO
> Lobbyists swarm Washington as EPA mulls cutting biofuels mandate
DATA/EVENTS
> Industry regulator the Malaysian Palm Oil Board (MPOB) will release data on
Malaysia's end-November palm oil stocks, exports and production on Dec. 10.
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance
will release Malaysia's Dec. 1-10 palm oil export data on Dec. 10.
Key commodity markets at 2343 GMT
Contract Month Last Change Low High Volume
RINGGIT/USD 3.2275 +0.00 0 0
CHINA PALM OLEIN MAY4 0 +0.00 0 0 0
CHINA SOYOIL MAY4 0 +0.00 0 0 0
CBOT SOYOIL JAN4 40.61 +0.00 0.00 0.00 0
NYMEX CRUDE JAN4 97.44 +0.06 97.35 97.47 531
CBOT soy oil in U.S. cents per pound
Dalian soy oil in Chinese yuan per tonne
Crude in U.S. dollars per barrel. - Reuters