Malaysian palm oil/Vegoils: Market factors to watch Monday May 7
07.05.2018 (The Star Online) - KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Monday May 7.
FUNDAMENTALS
* Malaysian palm oil futures notched up their biggest rise in two weeks in on Friday on expectations of falling inventories, after a sharp decline on Thursday evening and being largely range-bound this week.
* U.S. soybean futures fell on Friday on disappointment that trade talks did not move Washington and Beijing closer to a deal to resolve the mounting dispute that has crimped U.S. crop sales to China.
* Oil prices rose about 2 percent on Friday, with U.S. crude hitting its highest in more than three years, as global supplies remained tight and the market awaited news from Washington on possible new U.S. sanctions against Iran.
MARKET NEWS
* Asian shares crept higher on Monday after a tame reading on U.S. wages lessened the risk of faster rate hikes by the Federal Reserve, although Sino-U.S. trade tensions and a looming deadline for the Iranian nuclear deal argued for caution.
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DATA/EVENTS
Cargo surveyor AmSpec releases Malaysia's May 1-10 palm oil export data on May 10.
Cargo surveyor SGS releases Malaysia's May 1-10 palm oil export data on May 10. - Reuters