Palm Oil/Vegoils: Market Factors to Watch on Friday Feb 6

KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Friday Feb 6.

* Malaysian palm oil climbed more than 5 percent on Thursday, its biggest single-day gain since October 2010 as the market was buoyed by hopes a plan by the world’s top producer Indonesia to increase biodiesel subsidies would make blending profitable and as technicals provided support. 

* Chicago Board of Trade wheat futures climbed nearly 3 percent on Thursday, buoyed by a softer dollar and hopes for U.S. sales of the grain to top buyer Egypt, traders said. 

* Crude prices closed up more than 4 percent on Thursday as rising violence in producer Libya and an expected boost in oil demand from China’s central bank easing helped the market rebound from a sharp rout in the previous session.

* Stock markets around the world mostly rose on Thursday as crude oil rebounded, although caution remained following the European Central Bank’s surprise decision to strike Greek bonds off its list of accepted collateral.        

> PREVIEW-Malaysia’s Jan palm stocks to hit 6-mth low, output lowest since Feb 2011 
> Indonesia moves closer to raising biodiesel subsidies          
> World food prices fall in January, unlikely to rally – FAO     
> Resource pressures could spark conflicts with global impact – report – TRFN  
> Thai crops to suffer worst drought in 15 years                 
> Argentina 2014-15 soy crop seen at record 57 mln T -exchange   
> Soaking rains to benefit Brazil coffee, sugar cane, grain crops 

> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release data on Malaysia’s Feb 1-10 palm oil exports on Feb. 10.
> Industry regulator the Malaysian Palm Oil Board (MPOB) to release data on Malaysia’s end-January palm oil stocks, exports and production on Feb 10.
Palm, soy and crude oil prices at 0452 GMT
  Contract        Month    Last   Change     Low    High  Volume
  MY PALM OIL      FEB5    2240   -24.00    2230    2254      29
  MY PALM OIL      MAR5    2228   -19.00    2220    2249     388
  MY PALM OIL      APR5    2210   -20.00    2202    2222    7986
  CHINA PALM OLEIN MAY5    4846   -22.00    4844    4874  180294
  CHINA SOYOIL     MAY5    5514   -52.00    5508    5562  240078
  CBOT SOY OIL     MAR5   31.48    -3.50   31.47   31.57    2367
  INDIA PALM OIL   JAN5  434.90    -3.50  434.00  439.50     488
  INDIA SOYOIL     FEB5  616.00    -9.00  615.70  624.80   50145
  NYMEX CRUDE      MAR5   45.06    -0.53   44.35   45.35   25835

  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
 – Reuters

Source : The Star


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