KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Wednesday.
FUNDAMENTALS
* Malaysian palm oil futures ended lower on Friday, reversing gains in the
morning session to post their fourth straight weekly loss, as
weaker-than-expected export data and jitters over rising global oilseed supply
dragged.
* U.S. wheat futures fell 2.8 percent to fresh contract lows on Tuesday due to
plentiful global supplies as well as strong competition on the export market,
traders said.
* Brent crude ended slightly higher on Tuesday as new sanctions on Russia looked
set to worsen relations between Moscow and the West, while U.S. prices slipped
after a Kansas refinery fire curbed demand for WTI crude.
MARKET NEWS
* Asian shares were subdued while the dollar held steady near an eight-month
high against the euro on Wednesday, as investors awaited key U.S. data as well
as a U.S. Federal Reserve meeting that some believe might result in a more
hawkish policy outlook.
* Gold prices jumped their most in a month on Thursday on geopolitical worries
after a Malaysian jetliner crashed in eastern Ukraine, while other key
commodities rose, too, on an improved demand outlook versus supply.
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DATA/EVENTS
> Cargo surveyor Societe Generale de Surveillance to release Malaysia's July
palm oil export data on August 4.
Palm, soy and crude oil prices at 0038 GMT
Contract Month Last Change Low High Volume
MY PALM OIL AUG4 0 +0.00 0 0 0
MY PALM OIL SEP4 0 +0.00 0 0 0
MY PALM OIL OCT4 0 +0.00 0 0 0
CHINA PALM OLEIN JAN5 5620 -22.00 5618 5640 365956
CHINA SOYOIL JAN5 0 +0.00 0 0 0
CBOT SOY OIL DEC4 36.45 -0.08 36.44 36.59 188
NYMEX CRUDE SEP4 101.08 +0.11 100.89 101.18 2569
Palm oil prices in Malaysian ringgit per tonne
CBOT soy oil in U.S. cents per pound
Dalian soy oil and RBD palm olein in Chinese yuan per tonne
Crude in U.S. dollars per barrel
- Reuters
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