Palm oil/Vegoils: Market factors to watch Aug 27 Wednesday

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 downon Tuesday as worries of plentiful supplies of rival edible oils alongsiderising palm oil production continued to pressure prices.

* Corn futures fell on Tuesday with the U.S. crop reported in the best shape intwo decades, reinforcing expectations of a record-large harvest.

* U.S. crude rose on Tuesday as supportive U.S. economic data overshadowedconcerns about slowed growth in other oil consuming economies and ample globaloil supplies.

MARKET NEWS

* Worldwide stock indexes rose modestly on Tuesday and European bond yields fellon expectations of more stimulus from the European Central Bank, while strongU.S. data on durable goods and consumer confidence underpinned U.Sshares.

RELATED > Nil

DATA/EVENTS

> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillanceto 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

 

Source : The Star

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