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 9..
FUNDAMENTALS
* Malaysian palm oil futures rose on Monday, climbed for their third consecutive session, on expectations of solid demand.
* U.S. wheat futures fell about 2 percent to a one-week low on Monday, and corn and soybeans also declined on prospects for improving crop weather in the Midwest and Plains, analysts said.
* Oil prices rose on Monday in volatile trading, bolstered by statements from major oil-producing countries suggesting that OPEC and non-OPEC supply cuts could be extended into 2018.
MARKET NEWS
* Stocks were little changed on Monday and the euro fell from a six-month high hit after pro-EU centrist Emmanuel Macron's victory in France's presidential election, as traders cashed in recent gains.
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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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