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 Thursday June 15.
FUNDAMENTALS
* Malaysian palm oil futures bounced back on Wednesday from a 10-month low hit in the previous session, tracking a stronger performance in soyoil on the Chicago Board of Trade and China's Dalian Commodity Exchange.
* U.S. grain and soy futures were mostly lower on Wednesday, with MGEX spring wheat declining from an earlier 2-1/2-year high on pressure from technical selling and forecasts for crop-friendly rainfall, traders and analysts said.
* Crude oil prices slumped nearly 4 percent to their lowest close in seven months on Wednesday, hit by an unexpected large build in gasoline inventories and an international outlook that suggests a big increase in supply in the coming year.
MARKET NEWS
* U.S. stock futures dipped and Asian shares were on the defensive on Thursday after a media report that U.S. President Donald Trump is being investigated by a special counsel for possible obstruction of justice.
RELATED
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U.S. beef speeds to China by air as trade deal ends 14-year ban
Raw sugar slips to 16-month low as funds add shorts
Oil supply seen outpacing consumption in 2018, demand to top 100 mln bpd
DATA/EVENTS
Cargo surveyor ITS releases Malaysia’s June 1-15 palm oil export data on June 15.
Cargo surveyor SGS releases Malaysia’s June 1-15 palm oil export data on June 15.
- Reuters
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