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Malaysian palm oil/Vegoils: Market factors to watch Tuesday Aug 8 – Business News

Malaysian palm oil futures dipped on Monday evening, hitting a two-week low, on expectations that official production data due later this week will show rising output in July.

KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Tuesday August 8.

FUNDAMENTALS
* Malaysian palm oil futures dipped on Monday evening, hitting a two-week low, on expectations that official production data due later this week will show rising output in July.
* U.S. corn and soybean futures rose more than 1 percent on Monday on position-squaring ahead of U.S. government crop reports due later this week, along with worries about dry conditions in
parts of the Midwest, traders said.
* Oil prices dipped on Monday as a rebound in production from Libya’s largest oil field prompted selling, and investors worried about higher output from OPEC and the United States.

MARKET NEWS
* Asian shares neared decade peaks on Tuesday thanks to optimism on the global economy and a rash of records on Wall Street, while major currencies were becalmed ahead of Chinese trade
data.

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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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