Malaysian palm oil futures rose more than 1 percent on Friday evening, charting a third straight day of gains, supported by a weaker ringgit MYR= and rising related edible oils.
KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Wednesday Aug 9.
FUNDAMENTALS
* Malaysian palm oil futures made their biggest daily gains in two weeks on Tuesday, reversing losses from the previous session, supported by strength in related edible oils.
* U.S. soybean futures firmed on Tuesday, buoyed by concern about dry weather in parts of the U.S. Midwest and reminders of strong export demand from China, traders said.
* Crude futures fell for a third day in early Asian trading as the market shrugged off a bigger than expected fall in U.S. inventories reported by an industry group as doubts linger over OPEC's ability to restrain supply as promised.
MARKET NEWS
* Asian shares and U.S. stock futures slipped while U.S. Treasuries, gold and the safe-haven yen rose in early Asian trading on Wednesday after tensions on the Korean peninsula escalated with Pyongyang's warning that it is "carefully examining" plans for a missile strike on the U.S. Pacific territory of Guam.
RELATED
Hong Kong closes 13 beaches as stinking, congealed palm oil washes ashore
China July soybean imports hit highest on record as ports clear logjams
India rice shipments slow as stronger rupee lifts export prices
U.S. lawmakers seek missing information in review of Monsanto weedkiller
OPEC expects laggards to comply more fully with oil cut pact
DATA/EVENTS
Cargo surveyor ITS releases Malaysia’s July 1-31 palm oil export data on August 10.
Cargo surveyor SGS releases Malaysia’s July 1-31 palm oil export data on August 10.
- Reuters
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