Malaysian palm oil/Vegoils: Market factors to watch Wednesday June 27
The Star Online (27/06/2018) - KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Wednesday June 27.
FUNDAMENTALS
* Malaysian palm oil futures saw their sharpest fall in a week on Tuesday evening, snapping two sessions of gains, due to slowing demand.
* U.S. wheat futures sagged on Tuesday, with the K.C. hard red winter wheat market hitting its lowest in nearly five months on fund-driven long liquidation and pressure from the harvest in the southern Plains, traders said.
* Crude futures jumped over 2 percent on Tuesday and U.S. oil topped $70 for the first time in two months as Washington pushed allies to halt imports of Iranian crude, which would constrain global supplies.
MARKET NEWS
* Asian shares were subdued on Wednesday as weakness in Chinese stocks and the yuan weighed on sentiment, while oil held hefty gains as the United States pressured allies to stop buying
Iranian crude.
RELATED
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Palm oil ban likely to displace, not halt, biodiversity losses -study
China sells 1,991 T of imported soyoil at auction of state reserves
DATA/EVENTS
Cargo surveyor AmSpec releases Malaysia's June 1-30 palm oil export data on June 30.
Cargo surveyor SGS releases Malaysia's June 1-30 palm oil export data on June 30.
- Reuters