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Malaysian palm oil/Vegoils: Market factors to watch Thursday Aug 3 – Business News

Malaysian palm oil futures fell to their lowest in a week on Wednesday, weighed down by expectations of rising production and tracking weaker performances in related edible oils.

KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Thursday August 3.

FUNDAMENTALS
* Malaysian palm oil futures fell to their lowest in a week on Wednesday, weighed down by expectations of rising production and tracking weaker performances in related edible oils.

* U.S. corn and soybean futures firmed on Wednesday, rebounding from one-month lows set in both commodities a day earlier, but outlooks for improved weather for U.S. crops kept prices in check.
* Oil prices edged higher on Wednesday, as surging U.S. fuel demand and strong refinery runs offset data from the Energy Department that showed crude inventories did not fall as much as expected last week.

MARKET NEWS
* A gauge of world stocks edged lower on Wednesday even as Wall Street’s venerable Dow Jones Industrial Average topped the 22,000 barrier on strength in Apple AAPL.O shares, while the U.S.
dollar held near 15-month lows on doubts about another rate hike this year.

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DATA/EVENTS
 Cargo surveyor ITS releases Malaysia’s July 1-31 palm oil export data on August 10.
 Cargo surveyor SGS releases Malaysia’s July 1-31 palm oil export data on August 10. – Reuters

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