MARKET DEVELOPMENT
Palm Oil/Veg Oil: Market Factors to Watch Jan 6 (Monday)
Palm Oil/Veg Oil: Market Factors to Watch Jan 6 (Monday)
06/01/2014 (The Star) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Monday.
FUNDAMENTALS
* Malaysian palm oil futures ended lower in tight trade on Friday as investors feared that surging supplies of the tropical oil will overwhelm global demand and weigh on prices.
* U.S. wheat futures surged 1.5 percent on Friday, rebounding from the lowest level in about 20 months and posting their best daily gain since October, amid fears arctic temperatures could damage the dormant crop in the United States.
* U.S. crude lost over $1 on Friday as data showing a larger-than-expected build in distillates dragged the oil complex lower.
MARKET NEWS
* Asian shares dipped on Monday, while the dollar hovered near a four-week high, maintaining gains even after Federal Reserve Chairman Ben Bernanke said the U.S. central bank is committed to an accommodative policy.
* Gold rose to two-week highs on Friday and coffee and cocoa also rallied while many other commodities fell after a snowstorm slammed the U.S. northeast, keeping traders from their desks and thinning market volumes.
RELATED
> India's MMTC tenders to buy 22,000 T palm olein oil
> Indonesia sees modest gains in 2013 agricultural commodities output
> Indonesia sees solid gains in 2014 plantation output in all but rubber
DATA/EVENTS
> Industry regulator the Malaysian Palm Oil Board (MPOB) will release data on Malaysia's end-December palm oil stocks, exports and production on Jan. 10.
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance will release Malaysia's Jan. 1-10 palm oil export data on Jan. 10.
Key commodity markets at 0001 GMT
Contract Month Last Change Low High Volume
RINGGIT/USD 3.288 +0.00 3.2881 3.289
CHINA PALM OLEIN MAY4 0 +0.00 0 0 0
CHINA SOYOIL MAY4 0 +0.00 0 0 0
CBOT SOYOIL MAR4 38.60 +0.00 0.00 0.00 0
NYMEX CRUDE FEB4 94.16 +0.20 94.05 94.29 1140
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 in tight trade on Friday as investors feared that surging supplies of the tropical oil will overwhelm global demand and weigh on prices.
* U.S. wheat futures surged 1.5 percent on Friday, rebounding from the lowest level in about 20 months and posting their best daily gain since October, amid fears arctic temperatures could damage the dormant crop in the United States.
* U.S. crude lost over $1 on Friday as data showing a larger-than-expected build in distillates dragged the oil complex lower.
MARKET NEWS
* Asian shares dipped on Monday, while the dollar hovered near a four-week high, maintaining gains even after Federal Reserve Chairman Ben Bernanke said the U.S. central bank is committed to an accommodative policy.
* Gold rose to two-week highs on Friday and coffee and cocoa also rallied while many other commodities fell after a snowstorm slammed the U.S. northeast, keeping traders from their desks and thinning market volumes.
RELATED
> India's MMTC tenders to buy 22,000 T palm olein oil
> Indonesia sees modest gains in 2013 agricultural commodities output
> Indonesia sees solid gains in 2014 plantation output in all but rubber
DATA/EVENTS
> Industry regulator the Malaysian Palm Oil Board (MPOB) will release data on Malaysia's end-December palm oil stocks, exports and production on Jan. 10.
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance will release Malaysia's Jan. 1-10 palm oil export data on Jan. 10.
Key commodity markets at 0001 GMT
Contract Month Last Change Low High Volume
RINGGIT/USD 3.288 +0.00 3.2881 3.289
CHINA PALM OLEIN MAY4 0 +0.00 0 0 0
CHINA SOYOIL MAY4 0 +0.00 0 0 0
CBOT SOYOIL MAR4 38.60 +0.00 0.00 0.00 0
NYMEX CRUDE FEB4 94.16 +0.20 94.05 94.29 1140
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