Malaysian palm oil futures hit a six-month low in evening trade on Friday and were headed for a third consecutive session of declines, weighed down by a stronger ringgit.
KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Tuesday Aug 15.
FUNDAMENTALS
* Malaysian palm oil futures fell on Monday for the first time in five sessions as sentiment took a hit from India's plans to raise import taxes on crude and refined edible oils.
* U.S. soybean and spring wheat futures pared losses on Monday but still closed lower as technical selling and outlooks for favorable crop weather continued to pressure prices following steep declines last week.
* Oil prices tumbled more than 2.5 percent on Monday in volatile trade, as dollar strength and weak domestic demand data in China hammered prices that had received a short-lived boost on concerns about potential reductions in crude supply from Libya.
MARKET NEWS
* Stocks around the world rose along with U.S. Treasury bond yields and the U.S. dollar on Monday as investors regained some appetite for riskier assets as the United States and North Korea appeared to take a break from their war of words.
RELATED
India's July vegoil imports up 34 pct y/y at 1.5 mln tonnes - trade body
COLUMN-Speculator enthusiasm waning for grains, oilseeds -Braun
Brazil poised to break soybean export record on bumper crop
U.S. shale output seen posting 9th straight monthly rise -EIA
China pressed iron ore traders to halt business even before U.N. sanctions
DATA/EVENTS
Cargo surveyor ITS releases Malaysia’s Aug 1-15 palm oil export data on August 15.
Cargo surveyor SGS releases Malaysia’s Aug 1-15 palm oil export data on August 15. - Reuters
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