Palm oil : Market factors to watch Dec 23 Tuesday
KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Tuesday Dec 23.
FUNDAMENTALS
* Malaysian palm oil futures rose for a fourth session on Monday to a week’shigh as better-than-expected export data signalled firm appetite for thetropical oil, with prices underpinned by gains in crude oil and Asian equitymarkets.
* U.S. corn futures on Monday touched a fresh five-month high on firm exportdemand, while wheat slumped on profit-taking and slow sales to foreignbuyers.
* Oil prices resumed their downward march on Monday, doubling back on thebiggest one-day gain in over two years, after Saudi Arabia’s powerful oilminister said OPEC would not cut production at any price.
MARKET NEWS
* Asian markets should be well underpinned on Tuesday after Wall Street closedat historic highs while oil prices suffered a vicious setback after Saudi Arabiaquashed all thought of cutting supply.
RELATED
> Malaysia’s Dec 1-20 palm oil exports rise 8.8 pct -ITS > Hong Kong halts some U.S. poultry imports due to bird flu in U.S.
> Argentina’s western farm belt can expect late December rains> UPDATE 2-China approves imports of GMO Syngenta corn, Pioneer soy
> UPDATE 1-French regulator seeks views on grains futures position limits
> UPDATE 1-Pakistan buys about 50,000 T soybeans from United States -traders
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillanceto release data on Malaysia’s Dec. 1-25 palm oil exports on Dec. 26.
Palm, soy and crude oil prices at 0016 GMT
| Contract | Month | Last | Change | Low | High | Volume |
| MY PALM OIL | JAN5 | 0 | +0.00 | 0 | 0 | 0 |
| MY PALM OIL | FEB5 | 0 | +0.00 | 0 | 0 | 0 |
| MY PALM OIL | MAR5 | 0 | +0.00 | 0 | 0 | 0 |
| CHINA PALM OLEIN | MAY5 | 4932 | -2.00 | 4916 | 4950 | 184200 |
| CHINA SOYOIL | MAY5 | 0 | +0.00 | 0 | 0 | 0 |
| CBOT SOY OIL | MAR5 | 32.17 | +1.40 | 0.00 | 0.00 | 0 |
| INDIA PALM OIL | DEC4 | 419.00 | +1.40 | 416.20 | 420.50 | 1663 |
| INDIA SOYOIL | JAN5 | 602.00 | +6.00 | 598.00 | 603.50 | 38225 |
| NYMEX CRUDE | FEB5 | 55.49 | +0.23 | 55.31 | 55.69 | 1371 |
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
