Malaysian palm oil futures slid for a third consecutive session on Monday, falling to its lowest since mid-November as slowing demand and expectations of higher supplies weighed on the market.
KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Wednesday June 21.
FUNDAMENTALS
* Malaysian palm oil futures snapped four consecutive sessions of gains on Tuesday to record their sharpest daily drop in a week as the market tracked a weaker performance in rival oils and on the back of slow export demand.
* U.S. spring wheat futures set fresh 2-1/2-year highs on Tuesday as a further decline in spring wheat condition ratings surprised traders and coincided with concern about damage to French wheat from a heat wave.
* Oil prices held around multi-month lows in early Asian trading on Wednesday as investors discounted evidence of strong compliance by OPEC and non-OPEC oil producers with a deal to cut global output.
MARKET NEWS
* A renewed slump in oil prices to seven-month lows put Asian investors on edge on Wednesday, overshadowing a decision by U.S. index provider MSCI to add mainland Chinese stocks to one of its popular benchmarks.
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DATA/EVENTS
Cargo surveyor ITS releases Malaysia’s June 1-25 palm oil export data on June 25.
Cargo surveyor SGS releases Malaysia’s June 1-25 palm oil export data on June 25.
- Reuters
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