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Tuesday, 29 Aug, 2017

Malaysian palm oil/Vegoils: Market factors to watch Tuesday Aug 29

Malaysian palm oil futures fell on Monday, weighed down by expectations that production in August would rise slightly and by a stronger ringgit.

KUALA LUPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Tuesday Aug 29. 

FUNDAMENTALS
* Malaysian palm oil futures fell on Monday, weighed down by expectations that production in August would rise slightly and by a stronger ringgit.
* U.S. wheat and corn futures dropped to life-of-contract lows on Monday, weighed down by technical selling and abundant global supplies, traders and analysts said. 
* Gasoline prices surged to two-year highs on Monday as Tropical Storm Harvey knocked out several refineries and disrupted fuel production, while a back up in crude supplies pushed U.S. crude oil futures down more than 2.5 percent.

MARKET NEWS

* U.S. stock futures fell almost one percent and the yen jumped to four-month highs against the dollar in early Asian trade on Tuesday after North Korea fired a missile over northern Japan, setting up a tense start to trading for markets in the region.


RELATED
 U.S. gasoline price jumps, crude falls as Harvey hits refiners
 China set to create world's top utility with latest government merger
 Brazilian mills cut sugar production, boost ethanol output
 Thyssenkrupp wins order to build fertiliser plant in Brunei
 Trump declines Chinese proposal to cut steel overcapacity -FT

DATA/EVENTS
 Cargo surveyor ITS releases Malaysia's Aug 1-31 palm oil export data on August 31.
 Cargo surveyor SGS releases Malaysia's Aug 1-31 palm oil export data on August 31. - Reuters

Source : The Star

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