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
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> China soy buyers to sign purchase agreements in Chicago next week
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> 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 OLEIN | MAY5 | 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
