Malaysian palm oil futures came off near three-month lows to trade higher on Tuesday evening on concerns about a decline in February production, traders say.
KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Thursday May 4.
FUNDAMENTALS
* Malaysian palm oil futures fell on Wednesday, posting their biggest intraday drop in a week as the ringgit strengthened and made the vegetable oil more expensive for holders of other currencies.
* U.S. wheat futures steadied on Wednesday, with the markets waiting for a good assessment of the crop damage caused by a snowstorm in Kansas over the weekend, traders said.
* Crude oil lost ground on Thursday, falling for a third out of four sessions and trading near its lowest since late March after data showed a lower than expected decline in U.S. inventories.
MARKET NEWS
* World stock markets fell on Wednesday as declines in iPhone sales triggered some concern about consumers' health, while the dollar strengthened following the policy statement from the U.S .Federal Reserve.
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U.S. oil inventories dip, but gasoline builds amid weak demand - EIA
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
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