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 Wednesday July 5.
FUNDAMENTALS
* Malaysian palm oil futures reversed early losses to make gains in the second half of trade, supported by forecasts of declining production which could dent local stock levels, traders said.
* U.S. wheat, soybean and corn futures rose in an abbreviated session ahead of the July Fourth holiday, buoyed by worries that hot and dry weather in the northern Plains spring wheat belt could spread into the western Midwest, analysts said on Friday.
* Oil prices flirted with both positive and negative territory on Tuesday, hovering around $50 a barrel on tentative signs that a persistent rise in U.S. crude production may be slowing.
MARKET NEWS
* World shares pulled back and bonds and gold regained favour on Tuesday as a long-range ballistic missile test by North Korea and July 4 holidays for U.S. markets dampened risk appetite.
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S.Korea's NOFI bought total 12,000 T palm kernel in tender
DATA/EVENTS
Cargo surveyor ITS releases Malaysia’s July 1-10 palm oil export data on July 10.
Cargo surveyor SGS releases Malaysia’s July 1-10 palm oil export data on July 10. - Reuters
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