Malaysian palm oil/Vegoils: Market factors to watch Tuesday Dec 4
The Star Online (04/12/2018) - KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Tuesday Dec 4.
FUNDAMENTALS
* Malaysian palm oil futures fell nearly 2 percent at the close of trade on Monday after reaching a more than one-week peak, hit by concerns over high stockpiles and expectations that Indonesia would remove its palm oil export levy.
* U.S. soybean futures rallied to their highest since at least August on Monday, joining a broad rally in commodity and equity prices after Washington and Beijing sealed a truce in a trade war that has halted nearly all U.S. soy shipments to the world's top importer.
* Oil prices rose on Tuesday, extending strong gains from the previous day amid
expected OPEC-led supply cuts and a mandated reduction in Canadian output.
MARKET NEWS
* Asian shares fell in early trade on Tuesday as a relief rally sparked by a truce in the U.S.-China trade war gave way to doubts on whether the two countries are able to resolve their differences before a 90-day deadline.
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DATA/EVENTS
Cargo surveyor AmSpec releases Malaysia's Dec 1-10 palm oil export data on Dec 10.
Cargo surveyor SGS releases Malaysia's Dec 1-10 palm oil export data on Dec 10. - Reuters