Palm oil/Vegoils: Market factors to watch Dec 9 Tuesday

Palm oil/Vegoils: Market factors to watch Dec 9 Tuesday

KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Tuesday.

FUNDAMENTALS

* Malaysian palm oil futures ended lower on Monday after crude markets dived to five-year lows, forcing the tropical oil to give up earlier gains which had
stemmed from the ringgit plunging to its weakest since Sept. 2009. 

* Concerns about tight U.S. soy supplies drove soybean futures to their highest level in more than a week on Monday, while corn futures retreated for the first time in four sessions. 

* Oil dived 4 percent to new five-year lows on Monday, as Wall Street expectations of a deeper price slump next year and a Kuwaiti prediction for $65 crude set off one of the biggest declines this year. 

MARKET NEWS

* U.S. and European stocks fell on Monday after weak Chinese and Japanese data stoked worries about slowing global economic growth, while oil prices sank to five-year lows on expectations of oversupply into 2015.

RELATED

> EU rapeseed crop to shrink by 10 pct in 2015 -Strategie Grains
> China soy imports rise in Nov on seasonal demand -customs
> China soy buyers to sign purchase agreements in Chicago next week
> China soy buyers to sign purchase agreements in Chicago next week
> Deforestation cuts into climate change goals – TRFN
> Rain and sun boost Ivorian cocoa crop as Harmattan nears
> Russia’s wheat prices up on export risks

DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release data on Malaysia’s Dec. 1-10 palm oil exports on Dec. 10.
> Industry regulator the Malaysian Palm Oil Board (MPOB) to release data on Malaysia’s end-November palm oil stocks, exports and production on Dec. 10.

  Palm, soy and crude oil prices at 0028 GMT                                                                      

  Contract        Month    Last  Change    Low    High  Volume
  MY PALM OIL      DEC4      0    +0.00      0      0      0
  MY PALM OIL      JAN5    2288    +1.00    2287    2289      6
  MY PALM OIL      FEB5    2281    +1.00    2280    2283      90
  CHINA PALM OLEINMAY5    5358    +8.00    5324    5372  430598
  CHINA SOYOIL    MAY5    5962  -20.00    5942    5980  132768
  CBOT SOY OIL    JAN5  34.17    +2.30  34.11  34.31    2318
  INDIA PALM OIL  DEC4  455.00    +2.30  451.70  456.90    451
  INDIA SOYOIL    DEC4  580.15    +7.40  572.80  584.50  23790
  NYMEX CRUDE      JAN5  62.86    -0.19  80.85  81.05    3712

  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

Source – Reuters

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