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 Friday May 12.
FUNDAMENTALS
* Malaysian palm oil futures notched up their biggest daily gain in over a month on Thursday evening, recording a fifth consecutive day of increases and hitting a one-month peak on weaker than forecast output growth.
* U.S. soybean futures hit a 1-1/2-week low on Thursday, pressured by follow-through weakness after Wednesday's poor technical close and some farmer selling, analysts said.
* Oil prices rose for a second day on Thursday, closing more than 1 percent higher as support grew for OPEC output cuts a day after the U.S. government reported a big draw in crude inventories, boosting confidence that a global glut might diminish.
MARKET NEWS
* U.S. and European stocks fell on Thursday, along with the U.S. dollar, while U.S. Treasury yields reversed earlier declines, as political uncertainty in the United States and weak retail sector earnings reports sent investors in search of safer investments like gold and the Japanese yen.
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DATA/EVENTS
Cargo surveyor ITS releases Malaysia’s May 1-15 palm oil export data on May 15.
Cargo surveyor SGS releases Malaysia’s May 1-15 palm oil export data on May 15. - Reuters
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