Malaysian palm oil futures hit a six-month low in evening trade on Friday and were headed for a third consecutive session of declines, weighed down by a stronger ringgit.
KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Friday June 16.
FUNDAMENTALS
* Malaysian palm oil futures on Thursday rose for a second consecutive session on the back of concerns over output growth, although the market had earlier shown mixed signals due to a stronger ringgit and weaker exports.
* U.S. wheat futures rose on Thursday, led by a 2.9 percent rally in the benchmark Chicago Board of Trade July contract WN7, on concerns about dry weather leading to crop shortfalls globally.
* Oil prices settled lower for a second straight day on Thursday, as the market was unable to rebound from Wednesday's decline on the back of a surprise build in U.S. gasoline inventories and ongoing worries about heavy global supply.
MARKET NEWS
* Stock indexes around the world fell on Thursday as technology shares resumed their recent sell-off, while the prospect of tighter monetary policy in the United States and Britain pushed up the dollar.
RELATED
U.S. EPA expected to unveil renewable fuel plan as soon as this week -sources
EU 2016/17 soybean imports down 5 pct, palm oil down 14 pct
At least 20 grain ships halted by Argentina port strike -chamber
NOPA May soybean crush bigger than expected
DATA/EVENTS
Cargo surveyor ITS releases Malaysia’s June 1-20 palm oil export data on June 20.
Cargo surveyor SGS releases Malaysia’s June 1-20 palm oil export data on June 20.
-Reuters
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