Malaysian palm oil futures rose more than 1 percent on Friday evening, charting a third straight day of gains, supported by a weaker ringgit MYR= and rising related edible oils.
KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Monday July 24.
FUNDAMENTALS
* Malaysian palm oil futures fell in late trade on Friday, easing from a more than one-week high reached early in the session, as the market tracked declines in soyoil on the Chicago Board of
Trade.
* U.S. corn and soybean futures fell on Friday, pressured by outlooks for some relief for crops stressed by hot and dry weather during the past few weeks, traders said.
* Oil prices were little changed on Monday following a steep fall in the previous session amid growing expectations that the joint OPEC and non-OPEC ministerial meeting later in the day would address rising production from Nigeria and Libya, two OPEC members exempted from the cuts.
MARKET NEWS
* Asian stocks slipped on Monday as demand for riskier assets ebbed after recent strong gains, while the euro's near-two-year high on the European Central Bank's seeming lack of concern about its strength left the dollar languishing near a 13-month low.
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DATA/EVENTS
Cargo surveyor ITS releases Malaysia’s July 1-15 palm oil export data on July 25.
Cargo surveyor SGS releases Malaysia’s July 1-15 palm oil export data on July 25.
- Reuters
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