Malaysian palm oil/Vegoils: Market factors to watch Wednesday Dec 27
27/12/2017 (The Star Online) - KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Wednesday dec 27.
FUNDAMENTALS
* Malaysian palm oil futures rose 2 percent on Tuesday, a second consecutive session of gains on stronger export demand and expectations of weaker production.
* U.S. soybean futures 0#S: rose about 1 percent on Tuesday, notching their second straight session of gains, as investors bought back short positions amid extended forecasts for warm and dry weather in Argentina, traders said.
* Oil prices surged to 2-1/2-year highs and U.S. crude touched $60 a barrel in light trading volume on Tuesday, boosted by news of an explosion on a Libyan crude pipeline as well as voluntary OPEC-led supply cuts.
MARKET NEWS
* Oil prices were supported around a 2-1/2 year top on Wednesday after an explosion of a Libyan crude pipeline sparked supply fears while gold and copper hovered near multi-week highs, boosting commodity- and energy-linked shares around Asia.
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DATA/EVENTS
Cargo surveyor ITS releases Malaysia's Dec 1-31 palm oil export data on Jan 2.
Cargo surveyor SGS releases Malaysia's Dec 1-31 palm oil export data on Jan 2.
- Reuters