MARKET DEVELOPMENT
VEGOILS-Market Factors to Watch Dec 1
VEGOILS-Market Factors to Watch Dec 1
01/12/2016 (Reuters) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets.
FUNDAMENTALS
* Malaysian palm futures reversed course to gain in late trade on Wednesday as they tracked a rally in crude oil prices, following stronger prospects that oil supplies could be cut.
* U.S. soybean futures fell on Wednesday in the second straight day of declines as investors evened out positions and locked in profits from monthly gains, traders said.
* Oil soared more than 10 percent on Wednesday to over $50 a barrel and its highest in a month as some of the world's largest producers agreed to curb production for the first time since 2008 in a bid to support prices.
MARKET NEWS
* Crude prices, the dollar and bond yields were sharply elevated early on Thursday after OPEC agreed to a deal to reduce output to clear a supply glut that has crunched oil prices and stoked global deflationary pressures.
RELATED
> Palm oil industry watchdog lax on human rights - critics
> Malaysia's Nov palm oil exports fall 10.6 pct -ITS
> Malaysia's November palm oil exports fell 12.8 pct -SGS
> Labour abuses found at Indonesian palm plantations -Amnesty
> OPEC in first joint oil cut with Russia since 2001, Saudis take "big hit"
DATA/EVENTS
> Cargo surveyor ITS releases Malaysia's Nov 1-25 palm oil export data on Dec 10.
> Cargo surveyor SGS releases Malaysia's Nov 1-25 palm oil export data on Dec 10.
Palm, soy and crude oil prices at 0039 GMT
Contract Month Last Change Low High Volume
MY PALM OIL DEC6 0 +0.00 0 0 0
MY PALM OIL JAN7 0 +0.00 0 0 0
MY PALM OIL FEB7 0 +0.00 0 0 0
CHINA PALM OLEIN MAY7 6236 +48.00 6228 6338 499310
CHINA SOYOIL MAY7 7152 +36.00 7146 7276 586910
CBOT SOY OIL JAN7 36.99 +0.90 0 0 0
INDIA PALM OIL DEC6 553.00 +0.90 550.00 561.7 3068
INDIA SOYOIL DEC6 721.7 +6.80 712.55 729.7 37560
NYMEX CRUDE JAN7 49.17 -0.27 48.98 49.42 7521
Palm oil prices in Malaysian ringgit per tonne
CBOT soy oil in U.S. cents per pound
Dalian soy oil and RBD palm olein in Chinese yuan per tonne
India soy oil in Indian rupee per 10 kg
Crude in U.S. dollars per barrel
FUNDAMENTALS
* Malaysian palm futures reversed course to gain in late trade on Wednesday as they tracked a rally in crude oil prices, following stronger prospects that oil supplies could be cut.
* U.S. soybean futures fell on Wednesday in the second straight day of declines as investors evened out positions and locked in profits from monthly gains, traders said.
* Oil soared more than 10 percent on Wednesday to over $50 a barrel and its highest in a month as some of the world's largest producers agreed to curb production for the first time since 2008 in a bid to support prices.
MARKET NEWS
* Crude prices, the dollar and bond yields were sharply elevated early on Thursday after OPEC agreed to a deal to reduce output to clear a supply glut that has crunched oil prices and stoked global deflationary pressures.
RELATED
> Palm oil industry watchdog lax on human rights - critics
> Malaysia's Nov palm oil exports fall 10.6 pct -ITS
> Malaysia's November palm oil exports fell 12.8 pct -SGS
> Labour abuses found at Indonesian palm plantations -Amnesty
> OPEC in first joint oil cut with Russia since 2001, Saudis take "big hit"
DATA/EVENTS
> Cargo surveyor ITS releases Malaysia's Nov 1-25 palm oil export data on Dec 10.
> Cargo surveyor SGS releases Malaysia's Nov 1-25 palm oil export data on Dec 10.
Palm, soy and crude oil prices at 0039 GMT
Contract Month Last Change Low High Volume
MY PALM OIL DEC6 0 +0.00 0 0 0
MY PALM OIL JAN7 0 +0.00 0 0 0
MY PALM OIL FEB7 0 +0.00 0 0 0
CHINA PALM OLEIN MAY7 6236 +48.00 6228 6338 499310
CHINA SOYOIL MAY7 7152 +36.00 7146 7276 586910
CBOT SOY OIL JAN7 36.99 +0.90 0 0 0
INDIA PALM OIL DEC6 553.00 +0.90 550.00 561.7 3068
INDIA SOYOIL DEC6 721.7 +6.80 712.55 729.7 37560
NYMEX CRUDE JAN7 49.17 -0.27 48.98 49.42 7521
Palm oil prices in Malaysian ringgit per tonne
CBOT soy oil in U.S. cents per pound
Dalian soy oil and RBD palm olein in Chinese yuan per tonne
India soy oil in Indian rupee per 10 kg
Crude in U.S. dollars per barrel