Malaysian palm oil/Vegoils: Market factors to watch Friday March 2


  • Plantations
  • Friday, 02 Mar 2018

A worker pushes a cart of palm oil fruits at Felda Bukit Cerakah in the district of Klang in Selangor. Photo: Reuters

KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Friday March 2.

FUNDAMENTALS

* Malaysian palm oil futures snapped their winning streak on Thursday, with traders pointing to profit-taking that added to price pressure from weakness in U.S. soyoil.

* U.S. wheat futures rose for the sixth day in a row on Thursday, with new forecasts calling for extended dryness in the U.S. Plains pushing prices to fresh 7-1/2-month highs, traders said.

* U.S. oil prices rose on Friday, snapping three days of declines and taking a breather after steep falls this week that wiped out recent gains made on hopes a global oil glut is coming to an end.

MARKET NEWS

* Stocks tumbled on Wall Street while the U.S. dollar fell on Thursday after President Donald Trump said the United States would impose tariffs on steel and aluminum imports, sparking fears of a harmful global trade war.

RELATED

 Trump to impose steep tariffs on steel, aluminum, stoking trade war talk

 China's CEFC says operations normal, denies reports of chairman probe

 EXCLUSIVE-U.S. considering broad oil sanctions on Venezuela -source

 India raises import tax on palm oil to highest in a decade

 Trump pushes Big Corn and Oil to break biofuels deadlock

DATA/EVENTS

 Cargo surveyor ITS releases Malaysia's Mar 1-10 palm oil export data on Mar 10.

 Cargo surveyor SGS releases Malaysia's Mar 1-10 palm oil export data on Mar 10.
- Reuters

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
   

Did you find this article insightful?

Yes
No

Across the site