Malaysian palm oil futures snapped a three-day rally on Thursday evening, falling from a near two-month high reached in the previous session and tracking weaker rival oils.
KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Thursday June 22.
FUNDAMENTALS
* Malaysian palm oil futures fell to their lowest in a week on Wednesday, their sharpest daily fall in a week, tracking related oils on the Chicago Board of Trade (CBOT) and China's Dalian Commodity Exchange.
* Chicago wheat futures fell nearly 2 percent on Wednesday, after hitting their highest level in a year as traders assessed the extent to which hot, dry weather would dent a global market laden with record inventories.
* Oil prices rose on Thursday for the first time in three days after U.S. crude and gasoline stockpiles fell, but investors are looking for more signs that output cuts by OPEC and some other producers are ending a three-year glut.
MARKET NEWS
* Asian stocks advanced on Thursday as oil prices inched up after hitting a 10-month low overnight on concerns over a supply glut and falling demand, dragging U.S. and European shares lower.
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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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