Malaysian palm oil/Vegoils: Market factors to watch Tuesday Jan 2
KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Tuesday Jan 2.
FUNDAMENTALS
* Malaysian palm oil fell on Friday evening in a second day of declines, weighed down by a stronger ringgit, its currency of trade.
* Chicago soybean futures firmed on Friday as rising crude oil futures helped lift soyoil, but soybeans still recorded a yearly loss of about 4 percent, reflecting big 2017 harvests in South America and the United States.
* Oil prices had their highest January opening since 2014 on Tuesday, supported by ongoing supply cuts led by OPEC and Russia as well as strong demand.
MARKET NEWS
* The euro stood within striking distance of its 2017 peak on an ailing U.S. dollar on Tuesday, while Asian stocks began the new year close to their highest in a decade.
Source: The Star Online
