MARKET DEVELOPMENT
VEGOILS/PALM OIL-Market Factors To Watch Aug 2(Friday)
VEGOILS/PALM OIL-Market Factors To Watch Aug 2(Friday)
02/08/2013 (The Star) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets.
FUNDAMENTALS
* Malaysian palm oil futures rose to the highest in over a week on Thursday, thanks to a recovery in export demand, although gains were capped by prospects of higher global oilseed supplies.
* U.S. crude oil prices rose more than 2 percent on Thursday, narrowing the discount to European Brent for a second day, on a wave of surprisingly upbeat global economic data and supply disruptions in Africa and Iraq.
MARKET NEWS
* Shares, the dollar and crude oil all rallied sharply on Thursday, with the benchmark S&P 500 stock index closing above 1,700 for the first time, as central banks in the euro zone and Britain joined the Federal Reserve in keeping easy monetary policies intact.
* U.S. corn futures fell 2.4 percent to their lowest in nearly three years on Thursday as yield-boosting weather across the U.S. Midwest raised already high expectations about a bumper harvest this fall.
* Oil prices jumped on Thursday, with Brent crude gaining its most in nearly six months, and copper rallied too as energy supply outages in Africa and Iraq and a wave of surprisingly positive global economic data drove investors toward commodities.
RELATED NEWS
> Brazil says July soy, coffee exports ease, iron ore rises
> Rain seen in driest areas of U.S. Midwest
> Indian monsoon rains maintain strength, normal in Aug-Sept - Reuters
FUNDAMENTALS
* Malaysian palm oil futures rose to the highest in over a week on Thursday, thanks to a recovery in export demand, although gains were capped by prospects of higher global oilseed supplies.
* U.S. crude oil prices rose more than 2 percent on Thursday, narrowing the discount to European Brent for a second day, on a wave of surprisingly upbeat global economic data and supply disruptions in Africa and Iraq.
MARKET NEWS
* Shares, the dollar and crude oil all rallied sharply on Thursday, with the benchmark S&P 500 stock index closing above 1,700 for the first time, as central banks in the euro zone and Britain joined the Federal Reserve in keeping easy monetary policies intact.
* U.S. corn futures fell 2.4 percent to their lowest in nearly three years on Thursday as yield-boosting weather across the U.S. Midwest raised already high expectations about a bumper harvest this fall.
* Oil prices jumped on Thursday, with Brent crude gaining its most in nearly six months, and copper rallied too as energy supply outages in Africa and Iraq and a wave of surprisingly positive global economic data drove investors toward commodities.
RELATED NEWS
> Brazil says July soy, coffee exports ease, iron ore rises
> Rain seen in driest areas of U.S. Midwest
> Indian monsoon rains maintain strength, normal in Aug-Sept - Reuters