Malaysian palm oil/Vegoils: Market factors to watch Tuesday Dec 19
The Star Online (19/12/2017) - KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Tuesday Dec 19.
FUNDAMENTALS
* Malaysian palm oil futures fell almost 1 percent on Monday evening on profit-taking after recording their biggest daily gain in around five months in the previous trading session.
* U.S. soybean futures slumped to three-month lows on Monday as rain in Argentina eased concerns that farmers would scale back planting in the country, the third-largest soybean exporter and top soy product supplier.
* Benchmark Brent crude prices edged higher on Monday, supported by a North Sea pipeline outage and a workers' strike in the Nigerian energy industry, but U.S. prices slid slightly, highlighting concerns about growing U.S. output.
MARKET NEWS
* Asian stocks advanced on Tuesday after a record-setting session on Wall Street on bets that U.S. lawmakers would pass a major tax overhaul, while the dollar sagged as traders were less sanguine about the bill's economic impact.
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DATA/EVENTS
Cargo surveyor ITS releases Malaysia's Dec 1-20 palm oil export data on Dec 20.
Cargo surveyor SGS releases Malaysia's Dec 1-20 palm oil export data on Dec 20.
- Reuters