Benchmark palm oil futures for February delivery on the Bursa Malaysia Derivatives Exchange rose 0.9 percent to 3,098 ringgit ($699) a tonne at the end of the trading day. Earlier in the session, they hit a low of 3,051 ringgit, their lowest since Dec. 1
KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Monday May 22.
FUNDAMENTALS
* Malaysian palm oil futures rebounded from early losses on Friday, to rise for a second session in three on expectations of increasing export demand.
* U.S. corn futures rose nearly 2 percent on Friday and notched a one-week high as worries about cool temperatures and excessive rains in the Midwest prompted traders to cover short positions ahead of the weekend, analysts said.
* Oil prices rose on Friday, closing out a second week of gains on growing expectations that OPEC and other producing countries will agree next week to extend output cuts.
MARKET NEWS
* The U.S. dollar fell on Friday and was set to close its worst week in more than a year, with losses steepening after reports an investigation into possible collusion between Russia and Donald Trump's presidential campaign now include a person close to the President.
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DATA/EVENTS
Cargo surveyor ITS releases Malaysia’s May 1-25 palm oil export data on May 25.
Cargo surveyor SGS releases Malaysia’s May 1-25 palm oil export data on May 25. - Reuters
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