Malaysian palm oil/Vegoils: Market factors to watch Friday March 8


  • Business
  • Friday, 08 Mar 2019

Malaysian palm oil futures fell more than 2 percent on Tuesday evening to a one-month low on expectations of rising production.

KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Friday March 8.

FUNDAMENTALS

* Malaysian palm oil futures fell over 1 percent on Thursday, charting a second  straight session of declines, on weaker related edible oils and bearish market outlook on palm prices and inventory levels.

* U.S. soybean futures inched upward on Thursday on news that Chinese state-owned firms bought at least 500,000 tonnes of U.S. soybeans, while wheat futures dropped to their lowest levels in more than a year on pressure from a strengthening dollar, traders said.

* Oil prices edged higher on Thursday, supported by OPEC-led supply cuts and U.S. sanctions against exporters Venezuela and Iran, but gains were capped by falling stock markets and renewed concerns over demand growth.

MARKET NEWS

* Asian stocks were headed for harm on Friday after the European Central Bank slashed its growth forecasts and launched an emergency round of policy stimulus, leaving investors fearing the worst for the global economy.

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 Brazil northern port terminals could run out of soybeans by Friday -Abiove


DATA/EVENTS

 Cargo surveyor AmSpec releases Malaysia's Mar 1-10 palm oil export data on Mar 11.

 Cargo surveyor SGS releases Malaysia's Mar 1-10 palm oil export data on Mar 11.

 Cargo surveyor ITS releases Malaysia's Mar 1-10 palm oil export data on Mar 11. - Reuters

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