The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange was up 0.04 percent to 2,630 ringgit ($613.48) at the close of trade. It earlier rose to 2,654 ringgit, its highest since Aug. 1. Traded volumes stood at 32,666 lots of 25 tonnes each at the end of the trading day.
KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Monday August 14.
FUNDAMENTALS
* Malaysian palm oil futures rose on Friday evening to chart a fourth consecutive day of gains, reaching its highest levels in nearly two weeks as it tracked gains in soyoil on the Chicago Board of Trade.
* U.S. wheat futures fell on Friday, led lower by a sharp decline in MGEX spring wheat as investors liquidated bullish positions following the U.S. Department of Agriculture's forecast for a bigger-than-expected crop in the northern Plains, traders said.
* Oil prices rose slightly on Friday in volatile trading as the market weighed lower U.S. crude stocks, Nigerian instability and strong global demand growth against a persistently slow rebalancing.
MARKET NEWS
* Asian stocks bounced on Monday after three losing sessions, tracking a firmer Wall Street, while the dollar was weighed down by weak U.S. inflation data which dampened prospects of another Federal Reserve interest rate hike later this year.
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China's soybean crushers get reprieve as port chaos starts to clear
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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