The benchmark palm oil futures for November rose 1.2% to RM2,594 a tonne at the close of trade. For the week it was down 1.7%, its sharpest weekly decline in more than two months.
KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Friday April 21.
FUNDAMENTALS
* Malaysian palm oil futures recorded their biggest daily gain in two weeks on Thursday, ending six sessions of losses as they tracked strength in soyoil and were helped by a technical correction.
* Chicago Board of Trade wheat futures dropped 3.1 percent to their lowest in nearly four months on Thursday, with investors beating back an overnight rally attempt amid plentiful global supplies.
* Oil prices ended mixed on Thursday after a seesaw trading session, as investors weighed rising U.S. production against geopolitical uncertainties and comments from leading Gulf oil producers that an extension to OPEC-led supply cuts was likely.
MARKET NEWS
* Stocks on major markets rose along with the euro on Thursday as a market-friendly presidential candidate led in opinion polls ahead of elections in France on Sunday.
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DATA/EVENTS
Cargo surveyor ITS releases Malaysia’s Apr 1-25 palm oil export data on Apr 25.
Cargo surveyor SGS releases Malaysia’s Apr 1-25 palm oil export data on Apr 25.
- Reuters
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