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On January 12th, according to foreign media reports, Malaysian palm oil futures rose slightly, supported by stronger export demand and expectations of weaker production in the coming weeks. 1. The BMD benchmark palm oil futures contract closed up 55 ringgit, or 1.36%, at 4091 ringgit per tonne. The contract fell 0.17% in the previous trading day. The Dalian Commodity Exchanges soybean oil main contract closed up 0.3%; the palm oil main contract rose 0.93%. The Chicago Board of Trade (CBOT) soybean oil main contract rose 1.1%. David Ng, a proprietary trader at Kuala Lumpur-based trading firm Iceberg X Sdn Bhd, said that despite reports of high domestic inventory levels from the Malaysian Palm Oil Board, the market ultimately closed higher due to market expectations of weaker production growth in the coming weeks. Malaysian palm oil inventories surged to a near seven-year high in December, breaking the important psychological threshold of 3 million tons, as production reached an eight-year high that month, while exports saw only a modest rebound. 2. Cargo surveyors estimate that Malaysian palm oil exports from January 1st to 10th increased by 17.7% to 29.2% compared to the previous month. Oil prices fell after Iran stated that the situation following weekend violence was "fully under control," easing some market concerns about supply from the OPEC oil-producing nation, while investors also weighed efforts to restore Venezuelan oil exports. Weaker crude futures reduced the attractiveness of palm oil as a feedstock for biodiesel. 3. Industry analyst Dorab Mistry stated that Malaysian palm oil futures are likely to remain under pressure until production eases, following continued higher-than-expected production, particularly in Malaysia, leading to inventory buildup. The Malaysian ringgit, the currency for palm oil trading, appreciated by 0.25% against the US dollar, making it more expensive for buyers holding foreign currency to purchase the commodity.Russian troops have taken control of Novoboykivsk in eastern Ukraine.British Conservative MP Zahavi has joined Nigel Farages Reform Party.The legislation will be announced on Monday and may be voted on in the House of Representatives soon.Bernstein raised its target price for Biogen (BIIB.O) from $157 to $197.

Despite the fact that Eurozone interest rates are anticipated to peak sooner, the EUR/GBP looks to have breached over 0.8630

Daniel Rogers

Dec 07, 2022 15:12

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The EUR/GBP pair has had a stronger recovery from 0.8580 during the Asian session, approaching the pivotal 0.8630 level. Despite the European Central Bank (ECB) being close to reaching an interest rate high, there has been strong demand for Euro bulls. Thus, the monetary policy meeting scheduled for next week will be of utmost significance.

 

The cross is attempting to break strongly above the significant barrier of 0.8630 for the fourth time this week. The hawkish remarks made by ECB policymakers are holding back the euro bulls.

 

"There will be another rate hike," said Constantinos Herodotou, governor of the Central Bank of Cyprus, "but we are very near to neutral." The European Central Bank's chief economist, Phillip Lane, is unsure as to whether the inflation peak has already occurred or will take place in 2019. He stated that although "much has already been done," he does not rule out more rate increases.

 

Investors are currently looking forward to Christine Lagarde's speech, which will be revealed on Thursday. The ECB President is likely to lower her inflation projection in her future statement in light of the poor retail sales numbers.

 

In contrast to expectations for a 1.7% loss, this week's Eurozone retail sales numbers showed a 1.8% decline. Aside from that, annual economic data contraction came in at 2.7% as opposed to the 2.6% consensus expectation. A decline in household demand demonstrates the effectiveness of the European Central Bank's (ECB) policy tightening initiatives. To reach their sales targets, firms could feel pressured to lower the prices of their products and services.

 

The United Kingdom's deteriorating food crisis, brought on by growing costs and a labor shortfall, has had an impact on the Pound Sterling. According to Minette Batters, president of the National Farmers Union, "the government and the entire supply chain must act swiftly." The Financial Times stated that "tomorrow might be too late." The economy already faces rising food inflation, and the issue with the supply of food will make matters worse.


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