Malaysian palm oil/Vegoils: Market factors to watch Friday July 13
13.07.2018 (The Star Online) - KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Friday July 13.
FUNDAMENTALS
* Malaysian palm oil futures dropped to their lowest in nearly three years on Thursday, tracking overnight declines in related edible oils, before trimming some losses on the back of a weaker ringgit.
* U.S. soybean futures fell to contract lows on Thursday after the U.S. Department of Agriculture said a trade war with China would curb exports and swell supplies, but the market clawed back those losses late in the session in a short-covering bounce.
* Brent crude strengthened late on Thursday, recouping some of its losses from the previous session, as market focus returned to concerns about spare capacity following a warning from the International Energy Agency (IEA).
MARKET NEWS
* Asian shares were higher on Friday following gains on Wall Street overnight, as concerns over an escalating U.S. trade war with China took a breather.
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DATA/EVENTS
Cargo surveyor AmSpec releases Malaysia's July 1-15 palm oil export data on July 16.
Cargo surveyor SGS releases Malaysia's July 1-15 palm oil export data on July 16. - Reuters