KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Wednesday.
* 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.
* 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
> 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
|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|
|CBOT SOY OIL||DEC4||33.20||+0.03||33.10||33.22||697|
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