Malaysian palm oil futures edged higher on Friday after a run of losses, supported by a weaker ringgit and short covering, although they still marked a second straight weekly loss.
KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Tuesday April 25.
FUNDAMENTALS
* Malaysian palm oil futures rose for a second consecutive session on Friday, buoyed by stronger demand ahead of Ramadan and on a technical correction after sharp falls earlier this week.
* Chicago soybean futures rose for a second session on Monday, touching a three-week high on short-covering, and as a weaker U.S. dollar raised hopes for fresh export sales.
* Oil prices slipped nearly 1 percent on Monday, extending last week's decline, on lack of confirmation that OPEC will extend output cuts until the end of 2017 and as Russia indicated it can lift output if the deal on curbs lapses.
MARKET NEWS
* Global equity markets rallied on Monday to lift a gauge of world stock indexes to a fresh peak, while the euro briefly jumped to a five-month peak against the U.S. dollar as the first round of an election in France went to the market's preferred contender.
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DATA/EVENTS
Cargo surveyor ITS releases Malaysia’s Apr 1-25 palm oil export data on Apr 25.
Cargo surveyor SGS releases Malaysia’s Apr 1-25 palm oil export data on Apr 25.
- Reuters
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