Malaysian palm oil/Vegoils: Market factors to watch Wednesday Aug 15
The Star Online (15/08/2018) - KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Wednesday Aug 15.
FUNDAMENTALS
* Malaysian palm oil futures rebounded from losses earlier in the day to chart a first day of gains in four sessions, lifted by a weaker ringgit MYR= and some short covering, traders said.
* U.S. grain and soybean futures rose on Tuesday in a turnaround from recent sharp losses, while soymeal futures neared a two-week high following a decision by Argentina to suspend cuts to export taxes for the livestock feed, traders said.
* Oil prices fell on Wednesday, pulled down by a report of increased U.S. crude inventories and as a darkening economic outlook stoked expectations of lower fuel demand.
MARKET NEWS
* Asian stocks sagged on Wednesday, failing to track Wall Street's gains and with the dollar near a 13-month high as concerns about Turkey's financial crisis weighed on investor appetite, despite the lira's move away from an all-time low.