Malaysian palm oil futures hit a six-month low in evening trade on Friday and were headed for a third consecutive session of declines, weighed down by a stronger ringgit.
KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Monday March 17.
FUNDAMENTALS
* Malaysian palm oil futures hit a six-month low in evening trade on Friday and were headed for a third consecutive session of declines, weighed down by a stronger ringgit.
* U.S. soybean futures hit a near two-week high on Thursday on bargain buying after the front contract this week fell to its lowest level in a year, and as traders shifted their attention to U.S. planting prospects.
* Oil prices were little changed in modest volume on Thursday, during a week in which crude benchmarks recouped more of March's losses on increased hopes world supply and demand were nearing balance.
MARKET NEWS
* Shares dipped on Monday while the dollar and U.S. bond yields fell after soft U.S. economic data hurt investor sentiment already frayed by worries over North Korea and upcoming French elections.
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DATA/EVENTS
Cargo surveyor ITS releases Malaysia’s Apr 1-20 palm oil export data on Apr 20.
Cargo surveyor SGS releases Malaysia’s Apr 1-20 palm oil export data on Apr 20.
- Reuters
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