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 Tuesday July 25.
FUNDAMENTALS
* Malaysian palm oil futures posted their worst session in a week on Monday, tracking weaker performances in rival oils.
* U.S. wheat futures fell to their lowest in more than three weeks on Monday on profit taking as traders said damage from a drought in the U.S. Plains has been fully priced into the market.
* Oil rose more than 1 percent on Monday, after leading OPEC producer Saudi Arabia pledged to cut exports in August to help reduce the global crude glut, and Halliburton Co's HAL.N executive chairman said the U.S. shale drilling boom would probably ease next year.
MARKET NEWS
* The U.S. dollar rose from its lowest in more than a year and U.S. Treasury yields climbed on Monday as investors braced for news from this week's U.S. central bank meeting and possible hints on when the next interest rate hike is coming.
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DATA/EVENTS
Cargo surveyor ITS releases Malaysia’s July 1-15 palm oil export data on July 25.
Cargo surveyor SGS releases Malaysia’s July 1-15 palm oil export data on July 25.
- Reuters
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