Palm oil/Vegoils: Market factors to watch Friday June 8
08.06.2018 (The Star Online) - KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Friday June 8.
FUNDAMENTALS
* Malaysian palm oil futures extended losses for a fourth consecutive session on Thursday, hitting their lowest in one month on continued concerns about a weak demand outlook, while declines in Chicago soybeans also weighed on the market.
* U.S. soybean futures fell about 2 percent on Thursday, with the new-crop November contract SX8 dropping below psychological support at $10 a bushel, on favorable crop weather and fund-driven
long liquidation, analysts said.
* Global benchmark Brent crude surged nearly $2 a barrel on Thursday, lifted by concern about a steep drop in exports from Venezuela and worries OPEC may not raise production at its meeting this month.
MARKET NEWS
* Asian shares are set for a soft start on Friday as global risk appetite deteriorated on worries the European Central Bank was ready to start tapering its massive stimulus, although trade was expected to be cautious ahead of big diplomatic meetings.
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DATA/EVENTS
Cargo surveyor AmSpec releases Malaysia's June 1-10 palm oil export data on June 11.
Cargo surveyor SGS releases Malaysia's June 1-10 palm oil export data on June 11.
- Reuters