Malaysian palm oil/Vegoils: Market factors to watch Wednesday Feb 20
The Star Online (20/02/2019) - KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Wednesday Feb 20.
FUNDAMENTALS
* Malaysian palm oil futures reversed earlier gains to fall over 1 percent in evening trade on Tuesday, as output declines remained slower than in previous years and stocks in key buying markets stayed high.
* Chicago Board of Trade grain and soybean futures all soured on Tuesday as U.S. wheat sellers failed to nab any export sales and traders waited impatiently for news on the latest of talks on the U.S.-China trade war.
* Oil prices hovered near 2019 highs on Wednesday, supported by OPEC-led supply cuts and U.S. sanctions on Iran and Venezuela, but capped by soaring U.S. production and expectations of an economic slowdown.
MARKET NEWS
* Gold prices rose to a 10-month high on Tuesday as concerns over a global economic slowdown spurred a safe-haven bid and were also supported by a weaker U.S. dollar, which fell on optimism for a breakthrough in U.S.-China trade talks.
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DATA/EVENTS
Cargo surveyor AmSpec releases Malaysia's Feb 1-20 palm oil export data on Feb 20.
Cargo surveyor SGS releases Malaysia's Feb 1-20 palm oil export data on Feb 20.
Cargo surveyor ITS releases Malaysia's Feb 1-20 palm oil export data on Feb 20. - Reuters