Malaysia palm oil futures ended Thursday's trade lower, shedding more than 1 percent as sentiment tracked the softer performance of rival oils in Dalian and on the Chicago Board of Trade.
KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Tuesday May 23.
FUNDAMENTALS
* Malaysian palm oil futures rose about 1 percent to hit their highest in a week on Monday as strong export demand put the contract on track for a second straight session of gains.
* Chicago Board of Trade corn and soybean futures rose on Monday morning, supported by concerns that rain will delay field work in key growing areas and may damage some recently seeded crops,
traders said.
* Oil prices rose on Monday as growing confidence that top exporters would agree to extend supply curbs this week and speculation that the cuts could be deepened further pushed prices to their highest levels in more than a month.
MARKET NEWS
* The dollar slipped to a more than six-month low on Monday, weighed down by an uncertain U.S. political climate, while oil prices rose on expectations that crude output cuts would continue and the euro surged.
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DATA/EVENTS
Cargo surveyor ITS releases Malaysia’s May 1-25 palm oil export data on May 25.
Cargo surveyor SGS releases Malaysia’s May 1-25 palm oil export data on May 25. - Reuters
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