Malaysian palm oil futures hit their highest in six weeks on Monday, aided by rival oilseed soy's gains on the Chicago Board of Trade (CBOT) and China's Dalian Commodity Exchange.
KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Wednesday July 26.
FUNDAMENTALS
* Malaysian palm oil futures surged nearly 3 percent to two-month highs on Tuesday evening, supported by expectations of lower than forecast production in July and tracking strong gains in soyoil on the Chicago Board of Trade (CBOT).
* Chicago Board of Trade corn and soybean futures fell on Tuesday, with investors shrugging off bigger-than-expected declines in U.S. crop ratings to focus on forecasts for better weather, traders said.
* Oil rose 3.3 percent on Tuesday to the highest close in more than a month, a day after U.S. oil producer Anadarko said it would cut capital spending plans and Saudi Arabia vowed to reduce crude exports to help curb global oversupply.
MARKET NEWS
* A set of strong U.S. earnings reports lifted the S&P 500 stock index to a record closing high on Tuesday, while oil prices rallied on Saudi Arabia's pledge to cut exports in August and copper hit a two-year high.
RELATED
Malaysia's Jul 1-25 palm oil exports rose 4.8 pct -SGS
Malaysia's July 1 - 25 palm oil exports rise 3.2 pct -ITS
India to introduce commodity position limits to curb price fluctuations
China, India oil imports show Saudi Arabia is already carrying the burden of cuts:Russell
Malaysia's Petronas scraps $29 bln western Canada LNG project
DATA/EVENTS
Cargo surveyor ITS releases Malaysia’s July 1-15 palm oil export data on July 31.
Cargo surveyor SGS releases Malaysia’s July 1-15 palm oil export data on July 31.
- Reuters
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