Palm oil/Vegoils: Market factors to watch Monday May 9

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  • Monday, 09 May 2016

Palm oil may break a support at 2,546 ringgit per tonne and fall more into a range of 2,505-2,530 ringgit, according to technical analysis by Wang Tao, a Reuters market analyst for commodities and energy technicals.

* Malaysian palm oil futures closed marginally lower on Friday, posting their first drop in three sessions as falls in competing vegetable oils weighed, but found some support from industry data showing lower production and short-covering by traders. 

* U.S. soybean, corn and wheat futures rose on Friday on bargain buying after all three commodities posted sharp declines on Thursday. 

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