MARKET DEVELOPMENT
Palm Oil/Vegoils - Market Factors to Watch Feb 14 (Friday)
Palm Oil/Vegoils - Market Factors to Watch Feb 14 (Friday)
14/02/2014 (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 at a six-week-high on Thursday, extending gains into a third straight session, as stronger soy markets in the US and China signalled a pick-up in food and fuel demand for the tropical oil.
US soybean futures jumped 1.6% on Thursday to their highest in more than eight weeks, spurred by technical buying and firm export demand, traders said.
Brent crude oil futures prices edged lower on Thursday, pressured by a forecast dip in demand during refinery maintenance season and a rise in jobless claims in the US, the world's largest oil consumer.
MARKET NEWS
World stock markets edged higher on Thursday as soft US economic data was blamed on bad weather, while the dollar fell to a two-week low against the euro.
A benchmark index for global commodities hit 10½ month highs on Thursday, propelled as natural gas rallied on crippling cold weather, wheat surged on tight supplies and gold jumped on new jitters about the US economy.
RELATED
* Chinese GMO corn crucial for food security, says expert
* Eni raises dividend as revenue outlook weakens
* Top buyer China tests U.S. soy cargoes for MIR 162 contamination-trade
* Growth of biotech crops plateaus in U.S., climbs in Asia
* Bunge signals it will refuse GMO corn trait lacking China approval
* Soy surges on China exports; technical buying boosts wheat
* US corn export sales soar on heavy demand, soybeans tapering
* Rains to end Brazil coffee drought, but damage done
* USDA shows nowhere but up for Chinese soybean demand
* Drought to delay start of Brazil's main cane crushing season
DATA/EVENTS
* Cargo surveyors Intertek Testing Services will release Malaysia's Feb 1-15 palm oil export data on Feb 15. Another cargo surveyor Societe Generale de Surveillance to release data for the same period on Feb 17.
Key commodity markets at 2338 GMT
Contract Month Last Change Low High Volume
RINGGIT/USD 3.3235 +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 MAR4 39.54 +0.00 0.00 0.00 0
NYMEX CRUDE MAR4 100.18 -0.17 100.15 100.38 690
CBOT soy oil in US cents per pound, Dalian soy oil in Chinese yuan per tonne, crude in US dollars per barrel. - Reuters
FUNDAMENTALS
Malaysian palm oil futures ended at a six-week-high on Thursday, extending gains into a third straight session, as stronger soy markets in the US and China signalled a pick-up in food and fuel demand for the tropical oil.
US soybean futures jumped 1.6% on Thursday to their highest in more than eight weeks, spurred by technical buying and firm export demand, traders said.
Brent crude oil futures prices edged lower on Thursday, pressured by a forecast dip in demand during refinery maintenance season and a rise in jobless claims in the US, the world's largest oil consumer.
MARKET NEWS
World stock markets edged higher on Thursday as soft US economic data was blamed on bad weather, while the dollar fell to a two-week low against the euro.
A benchmark index for global commodities hit 10½ month highs on Thursday, propelled as natural gas rallied on crippling cold weather, wheat surged on tight supplies and gold jumped on new jitters about the US economy.
RELATED
* Chinese GMO corn crucial for food security, says expert
* Eni raises dividend as revenue outlook weakens
* Top buyer China tests U.S. soy cargoes for MIR 162 contamination-trade
* Growth of biotech crops plateaus in U.S., climbs in Asia
* Bunge signals it will refuse GMO corn trait lacking China approval
* Soy surges on China exports; technical buying boosts wheat
* US corn export sales soar on heavy demand, soybeans tapering
* Rains to end Brazil coffee drought, but damage done
* USDA shows nowhere but up for Chinese soybean demand
* Drought to delay start of Brazil's main cane crushing season
DATA/EVENTS
* Cargo surveyors Intertek Testing Services will release Malaysia's Feb 1-15 palm oil export data on Feb 15. Another cargo surveyor Societe Generale de Surveillance to release data for the same period on Feb 17.
Key commodity markets at 2338 GMT
Contract Month Last Change Low High Volume
RINGGIT/USD 3.3235 +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 MAR4 39.54 +0.00 0.00 0.00 0
NYMEX CRUDE MAR4 100.18 -0.17 100.15 100.38 690
CBOT soy oil in US cents per pound, Dalian soy oil in Chinese yuan per tonne, crude in US dollars per barrel. - Reuters