Malaysian palm oil futures hit a six-month low in evening trade on Friday and were headed for a third consecutive session of declines, weighed down by a stronger ringgit.
KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Friday Aug 4.
FUNDAMENTALS
* Malaysian palm oil futures fell for a third straight session on Thursday, hitting their lowest in a week due to forecasts for rising output and weaker performing related edible oils.
* U.S. soybean futures dipped to a one-month low on Thursday as beneficial rains crossed the Midwest crop belt, bolstering yield prospects for the oilseed crop, traders said.
* Oil prices fell on Thursday, as cautious buying dried up after U.S. crude rose to near $50 a barrel, with concern about high crude supplies from producer club OPEC offsetting the previous day's data showing record U.S. gasoline demand.
MARKET NEWS
* A gauge of world stocks declined as Wall Street dipped on Thursday, although European shares rallied, while sterling hit a nine-month low against the euro after the Bank of England's policymakers kept interest rates unchanged.
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DATA/EVENTS
Cargo surveyor ITS releases Malaysia’s July 1-31 palm oil export data on August 10.
Cargo surveyor SGS releases Malaysia’s July 1-31 palm oil export data on August 10. - Reuters
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