MARKET DEVELOPMENT
Palm Oil/Vegoils - Market Factors to Watch Jan 7 (Tuesday)
Palm Oil/Vegoils - Market Factors to Watch Jan 7 (Tuesday)
07/01/2014 (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 slipped to a two-week low on Monday as forecasts of bumper supplies from the world's top palm producers continued to weigh on investor sentiment, while weak competing overseas markets also pressured prices.
* U.S. grain futures rose on Monday as bitterly cold temperatures threatened to damage dormant wheat crops in the United States and a heatwave put Argentina's corn harvest at risk.
* Oil prices seesawed on Monday, ending the session slightly lower, as traders weighed reports of production resuming at a Libyan oilfield against new threats to shipments from a port controlled by protesters.
MARKET NEWS
* Asian shares stabilised on Tuesday after four straight days of losses, while the dollar was on defensive after disappointing U.S. services sector data raised concerns about stuttering growth in the world's largest economy.
* Arabica coffee jumped more than 4 percent on Monday, rallying its most in four months on fund buying, while a weaker dollar helped boost prices of other crops and also oil and metals.
RELATED
> China rejects more U.S. corn due to GMO -traders
> Brutal cold slows U.S. farming and meat business
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 0008 GMT
Contract Month Last Change Low High Volume
RINGGIT/USD 3.282 -0.00 3.285 3.283
CHINA PALM OLEIN MAY4 0 +0.00 0 0 0
CHINA SOYOIL MAY4 0 +0.00 0 0 0
CBOT SOYOIL MAR4 38.12 +0.00 0.00 0.00 0
NYMEX CRUDE FEB4 93.70 +0.27 93.55 93.72 486
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 slipped to a two-week low on Monday as forecasts of bumper supplies from the world's top palm producers continued to weigh on investor sentiment, while weak competing overseas markets also pressured prices.
* U.S. grain futures rose on Monday as bitterly cold temperatures threatened to damage dormant wheat crops in the United States and a heatwave put Argentina's corn harvest at risk.
* Oil prices seesawed on Monday, ending the session slightly lower, as traders weighed reports of production resuming at a Libyan oilfield against new threats to shipments from a port controlled by protesters.
MARKET NEWS
* Asian shares stabilised on Tuesday after four straight days of losses, while the dollar was on defensive after disappointing U.S. services sector data raised concerns about stuttering growth in the world's largest economy.
* Arabica coffee jumped more than 4 percent on Monday, rallying its most in four months on fund buying, while a weaker dollar helped boost prices of other crops and also oil and metals.
RELATED
> China rejects more U.S. corn due to GMO -traders
> Brutal cold slows U.S. farming and meat business
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 0008 GMT
Contract Month Last Change Low High Volume
RINGGIT/USD 3.282 -0.00 3.285 3.283
CHINA PALM OLEIN MAY4 0 +0.00 0 0 0
CHINA SOYOIL MAY4 0 +0.00 0 0 0
CBOT SOYOIL MAR4 38.12 +0.00 0.00 0.00 0
NYMEX CRUDE FEB4 93.70 +0.27 93.55 93.72 486
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