A worker loads oil palm fruit into a lorry at a local palm plantation in Shah Alam outside Kuala Lumpur. - REUTERS
KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Friday May 5.
FUNDAMENTALS
* Malaysian palm oil futures bounced back on Thursday, after recording their sharpest fall in a week in the previous session, helped by a weaker ringgit MYR= and stronger performing soyoil.
* U.S. wheat futures fell 3.7 percent on Thursday, pressured by results from a crop tour that showed yield prospects in Kansas remained above average despite a severe snow storm, traders said.
* Oil prices plunged to five-month lows on Thursday amid record trading volume in Brent crude, as OPEC and other producers appeared to rule out deeper supply cuts to reduce the world's persistent glut of crude.
MARKET NEWS
* Asian stocks are set for a third straight day of losses on Friday as a retreat in crude oil and other commodities prices knocked global sentiment, although receding concerns about France's presidential election kept the euro near six-month highs.
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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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