Malaysian palm oil gave up its early gains on Thursday, declining towards the end of the trading day as rallies of rival vegetable oils on China's Dalian Commodity Exchange slowed and palm export demand weakened
KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Thursday April 20.
FUNDAMENTALS
* Malaysian palm oil futures hit an 8-month low on Wednesday, in a sixth consecutive session of declines, tracking weaker related edible oils and on expectations of rising production and weaker exports, traders said.
* U.S. soybean futures firmed on Wednesday, posting a mild recovery from two days of losses after holding technical support above the one-year lows hit last week.
* Oil fell to a two-week low on Wednesday, after a surprising build in U.S. gasoline inventories and a rise in domestic crude output that is partially offsetting cutbacks by other countries trying to reduce a global glut.
MARKET NEWS
* Oil prices dropped more than 3 percent on Wednesday following a surprise increase in gasoline inventories, and declines in energy shares weighed on U.S. stocks.
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done
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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