Malaysian palm oil/Vegoils: Market factors to watch Wednesday Aug 8
08.08.2018 (The Star Online) - KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Wednesday Aug 8.
FUNDAMENTALS
* Malaysian palm oil futures jumped by more than 1 percent to its highest in nearly a month on Tuesday, extending gains into a third session on strength in related edible oils and earlier weakness in the ringgit.
* U.S. soybean futures firmed on Tuesday after a weekly government survey lowered condition ratings for the U.S. crop by more than expected, raising concern about a smaller harvest this autumn.
* Oil prices held steady on Wednesday, supported by a report of rising U.S. crude inventories as well as the introduction of sanctions against Iran.
MARKET NEWS
* Equity markets around the world neared a six-month high on Tuesday, buoyed by a rebound in Chinese stocks and an earnings-driven surge on Wall Street, while oil prices rose on concerns U.S. sanctions against Iran could cause supply shortages.
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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. - Reuters