Malaysian palm oil futures rose by the most in more than two weeks on Friday, lifted by a weaker ringgit and tracking better-performing rival oils on China's Dalian Commodity Exchange.
KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Thursday May 25.
FUNDAMENTALS
* Malaysian palm oil futures fell more than 1 percent on Wednesday evening, dipping to their lowest in nearly three weeks, as they tracked weaker-performing soyoil on the Chicago Board of Trade and China's Dalian Commodity Exchange.
* Chicago wheat futures closed higher on Wednesday on light short covering, one day after the spot contract fell about 1 percent on better-than-expected U.S. wheat condition ratings.
* Oil prices retreated slightly Wednesday as investors reacted to a smaller-than-expected U.S.gasoline stocks draw as they awaited the outcome of discussions in Vienna between OPEC and other
oil-exporting countries on whether to extend output cuts.
MARKET NEWS
* Asian shares eked out modest gains on Thursday while the dollar and U.S. bond yields slipped after the U.S. Federal Reserve signalled a cautious approach to future rate hikes and the reduction of its $4.5 trillion of bond holdings.
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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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