MARKET DEVELOPMENT
Palm Oil/Vegoils - Market Factors to Watch Jan 2 (Thursday)
Palm Oil/Vegoils - Market Factors to Watch Jan 2 (Thursday)
02/01/2014 (The Star) The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Thursday.
FUNDAMENTALS
* Malaysian palm oil futures ended higher on Tuesday after a slight recovery in exports signalled rising food and fuel demand for the edible oil, triggering speculative buying that lifted prices to their first annual gain in three years.
* U.S. soybean futures fell to the lowest level in a month on Tuesday on end-year liquidation and improving prospects for a bumper South American crop, traders said, and ended the year down more than 7 percent.
* Brent crude fell on Tuesday, ending 2013 almost unchanged following a year in which traders balanced a spate of supply disruptions from Middle East and Africa against surging output from the United States.
MARKET NEWS
* Asian markets got the new year off to a sluggish start as Chinese economic data disappointed head of a raft of reports on global manufacturing due out through the session.
* Natural gas is set to be the best-performing commodity in 2013 while U.S. oil also gained, but gold faces its biggest fall since 1981 as commodities end the year amid uncertainty about the scope for rising global demand to absorb ample supplies.
RELATED
> Traders squeezed as Indian farmers turn stockpile gamblers
> Malaysia's December palm oil exports fell 3.3 pct -SGS
> Soy to 1-mth low on S. American rains; grains sag in 2013
> Cocoa marks big annual gain as coffee, sugar prices slide
> Sugar surplus under control, no sales at bargain prices -USDA
> Firm cash market to prevent CBOT Jan soybean deliveries - trade
Key commodity markets at 2338 GMT
Contract Month Last Change Low High Volume
RINGGIT/USD 3.277 -0.00 3.28 3.277
CHINA PALM OLEIN MAY4 0 +0.00 0 0 0
CHINA SOYOIL MAY4 0 +0.00 0 0 0
CBOT SOYOIL MAR4 39.13 +0.00 0.00 0.00 0
NYMEX CRUDE FEB4 98.68 +0.26 98.50 98.78 372
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 higher on Tuesday after a slight recovery in exports signalled rising food and fuel demand for the edible oil, triggering speculative buying that lifted prices to their first annual gain in three years.
* U.S. soybean futures fell to the lowest level in a month on Tuesday on end-year liquidation and improving prospects for a bumper South American crop, traders said, and ended the year down more than 7 percent.
* Brent crude fell on Tuesday, ending 2013 almost unchanged following a year in which traders balanced a spate of supply disruptions from Middle East and Africa against surging output from the United States.
MARKET NEWS
* Asian markets got the new year off to a sluggish start as Chinese economic data disappointed head of a raft of reports on global manufacturing due out through the session.
* Natural gas is set to be the best-performing commodity in 2013 while U.S. oil also gained, but gold faces its biggest fall since 1981 as commodities end the year amid uncertainty about the scope for rising global demand to absorb ample supplies.
RELATED
> Traders squeezed as Indian farmers turn stockpile gamblers
> Malaysia's December palm oil exports fell 3.3 pct -SGS
> Soy to 1-mth low on S. American rains; grains sag in 2013
> Cocoa marks big annual gain as coffee, sugar prices slide
> Sugar surplus under control, no sales at bargain prices -USDA
> Firm cash market to prevent CBOT Jan soybean deliveries - trade
Key commodity markets at 2338 GMT
Contract Month Last Change Low High Volume
RINGGIT/USD 3.277 -0.00 3.28 3.277
CHINA PALM OLEIN MAY4 0 +0.00 0 0 0
CHINA SOYOIL MAY4 0 +0.00 0 0 0
CBOT SOYOIL MAR4 39.13 +0.00 0.00 0.00 0
NYMEX CRUDE FEB4 98.68 +0.26 98.50 98.78 372
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