Malaysian palm oil/Vegoils: Market factors to watch Tuesday Aug 7
07.08.2018 (The Star Online) - KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Tuesday Aug 7..
FUNDAMENTALS
* Malaysian palm oil futures edged up on Monday evening, having risen nearly 1 percent earlier in the day, tracking strength in related edible oils and charting a second straight session of gains.
* U.S. wheat futures jumped more than 3 percent on Monday and closed at their highest in three years on concerns about tightening global supplies as harsh weather slashed harvest prospects around the world.
* Oil futures gained on Monday after OPEC sources said Saudi crude production unexpectedly fell in July, raising concerns about global oil supplies as the United States prepares to reinstate sanctions against major exporter Iran.
MARKET NEWS
* Stock markets lifted on Monday after strong corporate earnings helped Wall Street close higher, but a tariff dispute between the United States and China limited gains in equities while boosting the dollar and helping keep Treasury yields lower.
RELATED
Malaysia's July palm oil exports fell 0.8 pct -SGS
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Malaysian palm oil prices to average 2,410 rgt/T in 2018 - MPOC
China could cut soybean imports by over 10 mln T this year -media
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DATA/EVENTS
Cargo surveyor AmSpec releases Malaysia's Aug 1-10 palm oil export data on Aug 10.
Cargo surveyor SGS releases Malaysia's Aug 1-10 palm oil export data on Aug 10.