Palm oil/Vegoils: Market factors to watch on Monday Jan 5

KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Monday Dec 5.


FUNDAMENTALS

 * Malaysian palm oil edged higher on Friday, regaining ground after dropping to a one-week low earlier in the session as concern over flooding in Malaysia underpinned the market, although gains were capped by technical factors.

 * U.S. soybean futures dropped to a one-month low on Friday on technical selling and pressure from rising global supplies as South American growers are expected to harvest bumper crops in the coming weeks.

 * Global benchmark Brent crude oil closed down nearly a dollar a barrel Friday after a day of choppy trading despite expectations of new investments in the new year, as strong mid-day rallies in crude fizzled. MARKET NEWS * The euro fell on Friday, continuing the slide that saw the currency finish out 2014 at a 29-month low against the U.S. dollar, on expectations that the European Central Bank will soon embark on outright money-printing. RELATED > China seeking U.S. distillers’ grains for Feb-March -trade – Reuters

 

Source : The Star

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