MARKET DEVELOPMENT
Palm oil/Vegoils: Market Factors To Watch March 24 (Monday)
Palm oil/Vegoils: Market Factors To Watch March 24 (Monday)
24/03/2014 (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 fell to a three-week low on Friday, tracking weakness in competing edible oil markets, while downbeat export data and improving weather conditions also weighed on prices.
* US wheat futures on Friday extended a setback from an 11-month high, while technical selling snapped a four-session rally in soybeans that had been fueled by low supplies.
* Crude oil futures rose on Friday as fresh US and European sanctions on Russia renewed fears of a supply disruption from the world's second largest oil producer.
MARKET NEWS
* World markets steadied on Friday after a volatile week driven by speculation over shifts in US monetary policy, with equities holding near break-even, the euro up slightly against the dollar and crude oil rising on fear of supply disruptions over Crimea.
* Copper sank to 8½ month lows on Monday, dropping steeply for a second session, while oil lost more than a dollar and Shanghai-traded commodities slumped after a surprise fall in China's exports heightened fears of an economic slowdown.
RELATED
> COLUMN-Agriculture speculators more picky than they look
> China to resume Canadian canola meal imports, first in a year
> China Feb sugar imports drop by nearly half from Jan
> Speculators boost bullish raw sugar, arabica coffee positions-CFTC
> China Feb corn imports from U.S. down, but up from Ukraine
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release Malaysia's March 1-25 palm oil export data on March 25.
Palm, soy and crude oil prices at 0008 GMT
Contract Month Last Change Low High Volume
MY PALM OIL APR4 0 +0.00 0 0 0
MY PALM OIL MAY4 0 +0.00 0 0 0
MY PALM OIL JUN4 0 +0.00 0 0 0
CHINA PALM OLEIN SEP4 0 +0.00 0 0 0
CHINA SOYOIL SEP4 0 +0.00 0 0 0
CBOT SOY OIL MAY4 40.88 -0.14 40.86 41.04 335
NYMEX CRUDE MAY4 99.26 -0.20 99.15 99.60 1577
Palm oil prices in Malaysian ringgit per tonne, CBOT soy oil in US cents per pound, Dalian soy oil and RBD palm olein in Chinese yuan per tonne, crude in US dollars per barrel - Reuters
FUNDAMENTALS
* Malaysian palm oil futures fell to a three-week low on Friday, tracking weakness in competing edible oil markets, while downbeat export data and improving weather conditions also weighed on prices.
* US wheat futures on Friday extended a setback from an 11-month high, while technical selling snapped a four-session rally in soybeans that had been fueled by low supplies.
* Crude oil futures rose on Friday as fresh US and European sanctions on Russia renewed fears of a supply disruption from the world's second largest oil producer.
MARKET NEWS
* World markets steadied on Friday after a volatile week driven by speculation over shifts in US monetary policy, with equities holding near break-even, the euro up slightly against the dollar and crude oil rising on fear of supply disruptions over Crimea.
* Copper sank to 8½ month lows on Monday, dropping steeply for a second session, while oil lost more than a dollar and Shanghai-traded commodities slumped after a surprise fall in China's exports heightened fears of an economic slowdown.
RELATED
> COLUMN-Agriculture speculators more picky than they look
> China to resume Canadian canola meal imports, first in a year
> China Feb sugar imports drop by nearly half from Jan
> Speculators boost bullish raw sugar, arabica coffee positions-CFTC
> China Feb corn imports from U.S. down, but up from Ukraine
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release Malaysia's March 1-25 palm oil export data on March 25.
Palm, soy and crude oil prices at 0008 GMT
Contract Month Last Change Low High Volume
MY PALM OIL APR4 0 +0.00 0 0 0
MY PALM OIL MAY4 0 +0.00 0 0 0
MY PALM OIL JUN4 0 +0.00 0 0 0
CHINA PALM OLEIN SEP4 0 +0.00 0 0 0
CHINA SOYOIL SEP4 0 +0.00 0 0 0
CBOT SOY OIL MAY4 40.88 -0.14 40.86 41.04 335
NYMEX CRUDE MAY4 99.26 -0.20 99.15 99.60 1577
Palm oil prices in Malaysian ringgit per tonne, CBOT soy oil in US cents per pound, Dalian soy oil and RBD palm olein in Chinese yuan per tonne, crude in US dollars per barrel - Reuters