Malaysian palm oil futures hit a six-month low in evening trade on Friday and were headed for a third consecutive session of declines, weighed down by a stronger ringgit.
KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Tuesday May 2.
FUNDAMENTALS
* Malaysian palm oil futures were slightly higher on Friday evening, reversing losses from earlier in the day due to low demand, pending the release of data and ahead of a long weekend.
* U.S. wheat futures surged 5.2 percent to their highest in nearly two months on Monday after a weekend snow storm in key production areas raised concerns about severe crop damage, traders said.
* Oil prices edged down on Tuesday, as a recovery in Libyan output and rising U.S. supplies raised worries that OPEC-led production cuts may not significantly tighten a bloated market.
MARKET NEWS
* Asian shares advanced on Tuesday, helped by rising optimism on the technology industry and easing concerns over North Korea, while the dollar edged up to one-month high versus the yen.
RELATED
Storage wars: New U.S. potash player K+S faces warehouse squeeze
Crushing blow to soy processors as Chinese grow wary on GMO
Ivory Coast cocoa farmers should raise output, quality -President
Mexico, U.S. agree to extend deadline for sugar trade talks
U.S. Interior chief signs order for new offshore oil-exploration plan
DATA/EVENTS
Cargo surveyor ITS releases Malaysia’s May 1-10 palm oil export data on May 10.
Cargo surveyor SGS releases Malaysia’s May 1-10 palm oil export data on May 10.
- Reuters
Limited time offer:
Just RM5 per month.
