Malaysian palm oil futures rose to their highest in two weeks on Monday in a fourth consecutive session of gains, tracking other edible oils and on forecasts of lower end-stocks in Indonesia.
KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Thursday Aug 10.
FUNDAMENTALS
* Malaysian palm oil futures rose to a one-week high on Wednesday evening, tracking stronger related edible oils, but pared some gains late in the session as the market traded cautiously ahead of the release of industry data.
* U.S. corn and wheat futures closed modestly higher on Wednesday while soybeans ended mixed as traders awaited key supply/demand reports due from the U.S. Department of Agriculture (USDA) on Thursday.
* Oil futures rose in early Asian trading on Thursday, adding to gains from the previous session after official figures showed U.S. crude inventories fell more than expected.
MARKET NEWS
* Asian stocks steadied and U.S. Treasury bond prices fell slightly on Thursday as the risk aversion triggered by the latest flare up of tensions between the United States and North Korea began to settle.
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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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