The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange fell 0.6 percent at 2,588 ringgit ($637.44) a tonne at the end of trading, a fourth day of losses out of five. Earlier in the session, the contract hit its strongest level since Nov. 24 at 2,625 ringgit. Traded volumes stood at 34,067 lots of 25 tonnes each on Monday evening.
KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Friday Dec 22.
FUNDAMENTALS
* Malaysian palm oil futures plummeted in Thursday's trade, as stronger production fuelled concern about growing stockpiles amid soft demand, while weakness in rival oils compounded the bleak picture.
* U.S. soybean futures 0#S: fell to a three-month low on Thursday, the sixth straight session of declines, on pressure from easing vegetable oil prices and improving crop weather in South America.
* Brent oil prices edged up enough on Thursday to close at the highest since the summer of 2015 as OPEC started working on plans for an exit strategy from its deal to cut crude supplies, fueling hopes it would not end supply cuts abruptly.
MARKET NEWS
* Leading global stock markets climbed on Thursday, fueled by a boost in bank and energy shares coupled with overall investor optimism after the recent passage of a $1.5 trillion tax cut plan in Washington.
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DATA/EVENTS
Cargo surveyor ITS releases Malaysia's Dec 1-25 palm oil export data on Dec 26.
Cargo surveyor SGS releases Malaysia's Dec 1-25 palm oil export data on Dec 26.
- Reuters
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