Malaysian palm oil/Vegoils: Market factors to watch Friday Aug 10
10.08.2018 (The Star Online) - KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Friday Aug 10.
FUNDAMENTALS
* Malaysian palm oil futures ended down on Thursday, snapping a four-session winning streak, on losses overnight in soyoil on the Chicago Board of Trade (CBOT) and as traders turned cautious ahead of a slew of data releases.
* U.S. soybean futures retreated on Thursday after two sessions of gains in a profit-taking and position-squaring setback ahead of Friday's U.S. Department of Agriculture monthly supply and demand report.
* Crude prices settled slightly lower on Thursday, extending the previous session's losses as the escalating China-U.S. trade dispute casts doubt over the outlook for oil demand.
MARKET NEWS
* New U.S. sanctions against Moscow drove down Russia's ruble, while worries that Turkey was sliding into a full-blown economic crisis battered the lira on Thursday, but global equity markets largely shrugged off the turmoil to edge higher.
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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