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 26.
FUNDAMENTALS
* Malaysian palm oil futures moved off three-week lows on Thursday to trade about 1 percent higher for their first gain in three sessions after cargo surveyor data showed stronger export demand in May.
* U.S. soybean futures fell to a 1-1/2-month low on Thursday, pressured by a sharp drop in crude oil prices, traders said.
* Oil prices tumbled 5 percent on Thursday as the extension of output curbs by OPEC and other producing countries disappointed investors who had hoped for larger cuts, leading to the biggest daily percentage slide in crude prices since early March.
MARKET NEWS
* Two top U.S. equity indexes scaled record peaks on Thursday after strong earnings reports from retailers, outpacing European shares which were little changed, while oil prices plunged after top crude producers extended output cuts for a shorter period than expected.
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DATA/EVENTS
Cargo surveyor ITS releases Malaysia’s May 1-31 palm oil export data on May 31.
Cargo surveyor SGS releases Malaysia’s May 1-31 palm oil export data on May 31.
- Reuters
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