Malaysian palm oil/Vegoils: Market factors to watch July 17
17.07.2018 (The Star Online) - KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Tuesday July 17.
FUNDAMENTALS
* Malaysian palm oil futures snapped four earlier sessions of losses to gain on Monday evening on the back of improved demand and a market retracement, according to traders.
* U.S. soybean futures jumped on Monday after dropping to their lowest prices in a decade earlier in the session, as the U.S.-China trade dispute looms ove ragricultural markets.
* Oil prices slumped more than 4 percent on Monday, with Brent reaching a three-month low, as Libyan ports reopened and traders eyed potential supply increases by Russia and other producers.
MARKET NEWS
* Asian stocks sagged on Tuesday, weighed by a sharp decline in crude oil prices as Libyan ports reopened, while the dollar was on the defensive ahead of Federal Reserve Chairman Jerome Powell's first congressional testimony.
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China June refinery runs up even as high oil prices hurt teapots
DATA/EVENTS
Cargo surveyor AmSpec releases Malaysia's July 1-20 palm oil export data on
July 20.
Cargo surveyor SGS releases Malaysia's July 1-20 palm oil export data on July
20. - Reuters