KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Wednesday.
FUNDAMENTALS
* Malaysian palm oil futures failed to hold on to earlier gains and inched down
on Tuesday as worries of plentiful supplies of rival edible oils alongside
rising palm oil production continued to pressure prices.
* Corn futures fell on Tuesday with the U.S. crop reported in the best shape in
two decades, reinforcing expectations of a record-large harvest.
* U.S. crude rose on Tuesday as supportive U.S. economic data overshadowed
concerns about slowed growth in other oil consuming economies and ample global
oil supplies.
MARKET NEWS
* Worldwide stock indexes rose modestly on Tuesday and European bond yields fell
on expectations of more stimulus from the European Central Bank, while strong
U.S. data on durable goods and consumer confidence underpinned U.S
shares.
RELATED
> Nil
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance
to release August palm oil export data on Sept. 2.
Palm, soy and crude oil prices at 0016 GMT
Contract Month Last Change Low High Volume
MY PALM OIL SEP4 0 +0.00 0 0 0
MY PALM OIL OCT4 0 +0.00 0 0 0
MY PALM OIL NOV4 0 +0.00 0 0 0
CHINA PALM OLEIN JAN5 5196 +0.00 5116 5200 744198
CHINA SOYOIL JAN5 0 +0.00 0 0 0
CBOT SOY OIL DEC4 33.20 +0.03 33.10 33.22 697
NYMEX CRUDE OCT4 93.85 -0.01 93.75 93.96 772
Palm oil prices in Malaysian ringgit per tonne
CBOT soy oil in U.S. cents per pound
Dalian soy oil and RBD palm olein in Chinese yuan per tonne
Crude in U.S. dollars per barrel
- Reuters
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