Malaysian palm oil futures slid for a third consecutive session on Monday, falling to its lowest since mid-November as slowing demand and expectations of higher supplies weighed on the market.
KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Tuesday April 18..
FUNDAMENTALS
* Malaysian palm oil futures lost early gains, sliding to an eight-month low in late trade on Monday, weighed down by expectations of rising output in top producers Malaysia and Indonesia.
* U.S. wheat futures fell on Monday as rains and mild temperatures in key growing areas of the U.S. Midwest and Plains bolstered expectations for harvest, traders said.
* Crude oil prices slipped 1 percent on Monday in subdued trading after a long Easter holiday weekend, on news of rising U.S. shale production and profit-taking following three straight weeks of gains.
MARKET NEWS
* U.S. stocks rose after three straight sessions of losses as investors shifted their focus to earnings and the greenback steadied after Treasury Secretary Steven Mnuchin said dollar strength is good over long periods of time.
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DATA/EVENTS
Cargo surveyor ITS releases Malaysia’s Apr 1-20 palm oil export data on Apr 20.
Cargo surveyor SGS releases Malaysia’s Apr 1-20 palm oil export data on Apr 20.
- Reuters
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