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 hit one-week highs on Monday as floods in key growing areas delayed deliveries, raising concern of a further tightening in global vegetable oil supplies and escalating inflation in importing nations.
Chicago soybean futures rose nearly 2 percent early on Tuesday, hitting their highest level since July 2008 as a frigid winter storm in the United States boosted feed demand and an Argentina strike delayed shipments from the world's No. 3 soybean exporter.
Brent oil prices rose to a 28-month peak on Tuesday, pushing above $102 a barrel as disruptions at Egyptian ports and Jordan's government shake up kept concerns about unrest in the region and the potential for oil supply interruptions in focus.
MARKET NEWS
Copper hit record peaks near $10,000 a tonne on Tuesday after data suggesting a pickup in U.S. economic recovery, and soybeans surged to a 30-month top, extending the commodities rally into February.
* Global stocks jumped on Tuesday in a broad rally spurred by hopes of further economic recovery after strong factory data worldwide, while safe-haven assets such as bonds fell as worries about unrest in Egypt ebbed.
DATA/EVENTS
Malaysian financial markets will open for half a day on Wednesday and close for the Lunar New Year holiday on Thursday and Friday. Trade will resume on Monday (February 7).
Comments
Comments are closed for this article.