Malaysian palm oil futures extended gains, touching a two-week high on Wednesday on improving demand amid expectations of further weakness in the ringgit.
KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Friday July 14.
FUNDAMENTALS
* Malaysian palm oil futures suffered the sharpest drop in three weeks on Thursday evening after a third straight session of losses, tracking weaker edible oils such as soyoil on the Chicago Board of Trade (CBOT).
* U.S. grain and soy futures plummeted on Thursday, with wheat easing as much as 5 percent in a technical selloff amid outlooks for slightly cooler temperatures and chances for rain next week in Midwestern growing regions, traders and analysts said.
* Oil prices rose 1.3 percent on Thursday after much stronger demand in China overshadowed a downbeat report by the International Energy Agency (IEA) that showed higher production by key OPEC exporters.
MARKET NEWS
* Upbeat data helped send world shares to a fourth all-time high in less than a month on Thursday as Wall Street edged higher in anticipation of solid earnings, while crude oil gained on evidence of stronger demand in China.
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DATA/EVENTS
Cargo surveyor ITS releases Malaysia’s July 1-15 palm oil export data on July 15.
Cargo surveyor SGS releases Malaysia’s July 1-15 palm oil export data on July 15.
- Reuters
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