Malaysian palm oil/Vegoils: Market factors to watch Wednesday Jan 24
24/01/2018 (The Star Online) - KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Wednesday Jan 24.
FUNDAMENTALS
* Malaysian palm oil futures rose more than 1 percent in afternoon trade on Tuesday, rebounding from a sharp decline earlier in the session, lifted by bullish sentiment on falling production.
* U.S. grain futures were lower on Tuesday, with wheat dropping about 1 percent and corn easing for the second straight session on chart-based selling and abundant global stockpiles, traders said.
* Oil rose more than 1 percent on Tuesday, with benchmark Brent crude hitting $70 a barrel for the first time in a week, boosted by healthy world economic growth prospects and expectations for continued production curbs by OPEC, Russia and their allies.
MARKET NEWS
* Asian shares scaled record peaks on Wednesday as strong corporate earnings and optimism on global growth outweighed concerns over trade tensions, while a fresh burst of speculative selling took the U.S. dollar to three-year lows.
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DATA/EVENTS
Cargo surveyor ITS releases Malaysia's Jan 1-25 palm oil export data on Jan 25.
Cargo surveyor SGS releases Malaysia's Jan 1-25 palm oil export data on Jan 25.
- Reuters