Malaysian palm oil futures rose more than 1 percent on Friday evening, charting a third straight day of gains, supported by a weaker ringgit MYR= and rising related edible oils.
KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Friday June 23.
FUNDAMENTALS
* Malaysian palm oil futures rebounded from a one-week low to end the trading day slightly higher, supported by a weaker ringgit which makes the tropical oil cheaper for holders of foreign currencies.
* U.S. soybean futures touched a 17-month low and corn fell to a roughly two-month low on Thursday, pressured by forecasts for cooler weather conditions that could reduce stress on developing crops, traders and analysts said.
* Oil rose on Thursday, a day after hitting 10-month lows, but market sentiment remained negative because the global crude glut has persisted despite OPEC-led output cuts.
MARKET NEWS
* World stock markets edged higher on Thursday, buoyed by a modest rebound in oil prices after the commodity hit 10-month lows, while the U.S. yield curve managed to stall its recent flattening.
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DATA/EVENTS
Cargo surveyor ITS releases Malaysia’s June 1-25 palm oil export data on June 25.
Cargo surveyor SGS releases Malaysia’s June 1-25 palm oil export data on June 25.
- Reuters
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