MARKET DEVELOPMENT
Vegoils - Market Factors to Watch on Oct 28
Vegoils - Market Factors to Watch on Oct 28
28/10/2014 (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 on Friday after weaker-than-expected export data fanned concerns that demand for the tropical oil has begun to taper, while a stronger ringgit following the Malaysian budget announcement curbed buying.
* U.S. grain and soybean futures dropped on Friday ahead of what is expected to be an active weekend of harvesting in the United States, the world's top crop producer.
* U.S. oil futures ended higher for the second day in row on Friday while European Brent crude fell, tightening the trans-Atlantic spread as traders bet that increasing refinery operations and a major new Midwest pipeline will slow the rise in inventories.
MARKET NEWS
* World equity indexes were near five-year highs on Friday as major U.S. technology companies propelled Wall Street to another day of gains, sending the S&P 500 index to close at a record.
* Gold closed flat on Friday, concluding a second week of strong gains as investors bet that continuing U.S. economic stimulus from the Federal Reserve will keep drawing funds into the precious metal, but copper slid, hitting a two-week bottom as demand outlook for the base metal eroded.
RELATED NEWS
> Malaysia to help palm sector with new biodiesel blend rules
> Malaysia's Oct 1-25 palm oil exports rose 3.8 pct -SGS
> Malaysia's Oct 1-25 palm oil exports down 0.6 pct-ITS
> U.S. soybeans dip ahead of active U.S. harvesting weekend
> Bunge's new chief challenges status quo in first months on job
> Belarus plans to boost potash sales to China
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance will release Malaysia's October palm oil export data on Oct. 31.
Key commodity markets at 2339 GMT
Contract Month Last Change Low High Volume
RINGGIT/USD 3.1425 -0.02 0 0
CHINA PALM OLEIN MAY4 0 +0.00 0 0 0
CHINA SOYOIL MAY4 0 +0.00 0 0 0
CBOT SOYOIL DEC3 40.73 +0.00 0.00 0.00 0
NYMEX CRUDE DEC3 97.58 -0.27 97.51 97.88 1561
CBOT soy oil in U.S. cents per pound
Dalian soy oil in Chinese yuan per tonne
Crude in U.S. dollars per barrel
FUNDAMENTALS
* Malaysian palm oil futures ended lower on Friday after weaker-than-expected export data fanned concerns that demand for the tropical oil has begun to taper, while a stronger ringgit following the Malaysian budget announcement curbed buying.
* U.S. grain and soybean futures dropped on Friday ahead of what is expected to be an active weekend of harvesting in the United States, the world's top crop producer.
* U.S. oil futures ended higher for the second day in row on Friday while European Brent crude fell, tightening the trans-Atlantic spread as traders bet that increasing refinery operations and a major new Midwest pipeline will slow the rise in inventories.
MARKET NEWS
* World equity indexes were near five-year highs on Friday as major U.S. technology companies propelled Wall Street to another day of gains, sending the S&P 500 index to close at a record.
* Gold closed flat on Friday, concluding a second week of strong gains as investors bet that continuing U.S. economic stimulus from the Federal Reserve will keep drawing funds into the precious metal, but copper slid, hitting a two-week bottom as demand outlook for the base metal eroded.
RELATED NEWS
> Malaysia to help palm sector with new biodiesel blend rules
> Malaysia's Oct 1-25 palm oil exports rose 3.8 pct -SGS
> Malaysia's Oct 1-25 palm oil exports down 0.6 pct-ITS
> U.S. soybeans dip ahead of active U.S. harvesting weekend
> Bunge's new chief challenges status quo in first months on job
> Belarus plans to boost potash sales to China
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance will release Malaysia's October palm oil export data on Oct. 31.
Key commodity markets at 2339 GMT
Contract Month Last Change Low High Volume
RINGGIT/USD 3.1425 -0.02 0 0
CHINA PALM OLEIN MAY4 0 +0.00 0 0 0
CHINA SOYOIL MAY4 0 +0.00 0 0 0
CBOT SOYOIL DEC3 40.73 +0.00 0.00 0.00 0
NYMEX CRUDE DEC3 97.58 -0.27 97.51 97.88 1561
CBOT soy oil in U.S. cents per pound
Dalian soy oil in Chinese yuan per tonne
Crude in U.S. dollars per barrel