Malaysian palm oil/Vegoils: Market factors to watch Wednesday Jan 4 - Business News | The Star Online

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Malaysian palm oil/Vegoils: Market factors to watch Wednesday Jan 4


  • Palm Oil
  • Wednesday, 4 Jan 2017

Malaysian palm oil futures opened the year strongly on Tuesday, rising to a two-week high on weak output and a firm performance by fellow oilseed soy.

Malaysian palm oil futures opened the year strongly on Tuesday, rising to a two-week high on weak output and a firm performance by fellow oilseed soy.

KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Wednesday Jan 4.
    
FUNDAMENTALS

* Malaysian palm oil futures opened the year strongly on Tuesday, rising to a two-week high on weak output and a firm performance by fellow oilseed soy. 

* U.S. soybean futures fell to a six-week low on Tuesday on improving South American crop prospects and uncertainty about export demand from China, analysts said.    

* Oil prices slid more than 2 percent on the first trading day of 2017, knocked off 18-month highs hit in early trade as the U.S. dollar rallied to its highest level since 2002 and traders took profits. 

    
MARKET NEWS

* The U.S. dollar held near 14-year peaks on Wednesday as an abundance of upbeat global economic data boosted Wall Street and signs of quickening inflation dented fixed-income debt. 

        
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DATA/EVENTS
 Cargo surveyor ITS releases Malaysia's Dec 1-31 palm oil export data on Jan 10.
 Cargo surveyor SGS releases Malaysia's Dec 1-31 palm oil export data on Jan 10. - Reuters

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