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Commodities

Malaysian palm oil/Vegoils: Market factors to watch Tuesday May 16

May 16, 2017982 views0 comments

The following factors are likely to influence Malaysian palm oil futures and other vegetable oilmarkets on Tuesday May 16.

FUNDAMENTALS
* Malaysian palm oil futures climbed on Monday as market sentiment rose alongside higher exports figures ahead of festivities, and firm soyoil prices provided support.
* U.S. wheat futures fell more than 2 percent on Monday on chart-based selling, abundant global supplies and seasonal pressure from the approach of harvest, analysts said.
* Oil jumped 2 percent to its highest in more than three weeks on Monday, topping $52 a barrel after Saudi Arabia and Russia said that supply cuts need to last into 2018, a step towards extending an OPEC-led deal to support prices for longer than first agreed.

MARKET NEWS

* Asian stocks are set to rise in opening trade on Tuesday following overnight gains on Wall Street, while oil is set to extend a week-long rally after major producers Saudi Arabia and Russia said supply cuts needed to continue into 2018.

Read Also:

  • Africa opens world’s largest single market (3)
  • Bullish insurance, industrial sectors see N50.3bn rise in Nigeria bourse…
  • Naira down N3 at N475/$1 in street trading as T-Bills market put up…
  • Africa data centre market to outpace $3bn by 2025, says Turner & Townsend
  • Nigeria market expects maize price drop to N120,000 per tonne

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DATA/EVENTS
Cargo surveyor ITS releases Malaysia’s May 1-20 palm oil export data on May 20.
Cargo surveyor SGS releases Malaysia’s May 1-20 palm oil export data on May 20.


Courtesy Reuters

 

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