Malaysian palm oil futures closed higher on Tuesday, recovering from earlier declines as the ringgit's weakness helped prices
KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Thursday April 27.
FUNDAMENTALS
* Malaysian palm oil rebounded from earlier losses on Wednesday evening, rising for a third session in four as it was lifted by stronger performing soyoil and in a technical correction.
* U.S. corn futures fell more than 1 percent Wednesday on forecasts for better Midwest planting weather and news that the White House is considering an executive order on withdrawing from North American Free Trade Agreement, analysts said.
* Oil prices rebounded from early losses on Wednesday after U.S. government data showed a larger-than-expected falloff in crude inventories, which encouraged buying after several days of selling on worries that a global crude glut was persisting despite output cuts by producing countries.
MARKET NEWS
* Asian shares ticked down from near two-year high on Thursday after a long-awaited U.S. tax plan failed to inspire investors, though sentiment remains supported by global growth prospects and receding worries about political risks in Europe.
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DATA/EVENTS
Cargo surveyor ITS releases Malaysia’s Apr 1-30 palm oil export data on May 1.
Cargo surveyor SGS releases Malaysia’s Apr 1-30 palm oil export data on May 1.
- Reuters
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