MARKET DEVELOPMENT
Vegoils-Market Factors To Watch Feb 3
Vegoils-Market Factors To Watch Feb 3
03/02/2016 (Reuters) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Wednesday Feb 3.
FUNDAMENTALS
* Malaysian palm oil futures saw their biggest rise in one-and-a-half months on Tuesday, rebounding by nearly 3 percent from sharp losses in the previous session, on a weaker ringgit and expectations of lower future production.
* U.S. soybean and corn futures climbed to six-week highs on Tuesday on fund-driven buying as the grain complex shrugged off weakness in global equity markets and crude oil, traders said.
* Oil slumped for the second straight day, with U.S. crude ending 5.5 percent lower on Tuesday, as hopes of a deal to curb one of the worst supply gluts in history continued to fade amid concerns that mild winter weather in the U.S. will dampen demand.
MARKET NEWS
* Asian shares sagged on Wednesday as oil prices sank again due to fading hopes of a deal to curb a global supply glut, prompting investor to seek shelter in safe-haven assets and lifting bonds and gold to multi-month highs.
RELATED
> Egypt edges toward wheat supply crisis as traders boycott tender
> Taiwan's MFIG buys 65,000 tonnes corn from U.S. - trade
> ChemChina close to striking deal for Syngenta -sources
> India cuts 2015/16 cotton output estimate by 3.6 pct
> Dow Chemical CEO plans retirement and handover in 2017
DATA/EVENTS
> MPOB releases Malaysia's January 2016 data on February 10.
Palm, soy and crude oil prices at 0049 GMT
Contract Month Last Change Low High Volume
MY PALM OIL FEB6 0 +0.00 0 0 0
MY PALM OIL MAR6 0 +0.00 0 0 0
MY PALM OIL APR6 0 +0.00 0 0 0
CHINA PALM OLEIN MAY6 4766 +28.00 4764 4784 282884
CHINA SOYOIL MAY6 5634 +10.00 5630 5662 121854
CBOT SOY OIL MAR6 30.79 +5.30 0.00 0.00 0
INDIA PALM OIL FEB6 454.00 +5.30 450.80 454.50 2369
INDIA SOYOIL FEB6 619.95 +4.60 615.80 620.00 31430
NYMEX CRUDE MAR6 29.55 -0.33 29.46 29.80 4561
Palm oil prices in Malaysian ringgit per tonne
CBOT soy oil in U.S. cents per pound
Dalian soy oil and RBD palm olein in Chinese yuan per tonne
India soy oil in Indian rupee per 10 kg
Crude in U.S. dollars per barrel
FUNDAMENTALS
* Malaysian palm oil futures saw their biggest rise in one-and-a-half months on Tuesday, rebounding by nearly 3 percent from sharp losses in the previous session, on a weaker ringgit and expectations of lower future production.
* U.S. soybean and corn futures climbed to six-week highs on Tuesday on fund-driven buying as the grain complex shrugged off weakness in global equity markets and crude oil, traders said.
* Oil slumped for the second straight day, with U.S. crude ending 5.5 percent lower on Tuesday, as hopes of a deal to curb one of the worst supply gluts in history continued to fade amid concerns that mild winter weather in the U.S. will dampen demand.
MARKET NEWS
* Asian shares sagged on Wednesday as oil prices sank again due to fading hopes of a deal to curb a global supply glut, prompting investor to seek shelter in safe-haven assets and lifting bonds and gold to multi-month highs.
RELATED
> Egypt edges toward wheat supply crisis as traders boycott tender
> Taiwan's MFIG buys 65,000 tonnes corn from U.S. - trade
> ChemChina close to striking deal for Syngenta -sources
> India cuts 2015/16 cotton output estimate by 3.6 pct
> Dow Chemical CEO plans retirement and handover in 2017
DATA/EVENTS
> MPOB releases Malaysia's January 2016 data on February 10.
Palm, soy and crude oil prices at 0049 GMT
Contract Month Last Change Low High Volume
MY PALM OIL FEB6 0 +0.00 0 0 0
MY PALM OIL MAR6 0 +0.00 0 0 0
MY PALM OIL APR6 0 +0.00 0 0 0
CHINA PALM OLEIN MAY6 4766 +28.00 4764 4784 282884
CHINA SOYOIL MAY6 5634 +10.00 5630 5662 121854
CBOT SOY OIL MAR6 30.79 +5.30 0.00 0.00 0
INDIA PALM OIL FEB6 454.00 +5.30 450.80 454.50 2369
INDIA SOYOIL FEB6 619.95 +4.60 615.80 620.00 31430
NYMEX CRUDE MAR6 29.55 -0.33 29.46 29.80 4561
Palm oil prices in Malaysian ringgit per tonne
CBOT soy oil in U.S. cents per pound
Dalian soy oil and RBD palm olein in Chinese yuan per tonne
India soy oil in Indian rupee per 10 kg
Crude in U.S. dollars per barrel