Malaysian palm oil/Vegoils: Market factors to watch Monday June 25


The Malaysian currency rose as much as 0.53 percent against the dollar to 3.8550, its highest since April 2016, bolstered by high oil prices and portfolio inflows. It was last up 0.35 percent at 3.8620 per dollar on Wednesday evening for a third consecutive sessions of gains. Gains in the ringgit, palm's currency of trade, usually weigh on the tropical oil by making it more expensive for holders of foreign currencies

KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Monday June 25.

FUNDAMENTALS

* Malaysian palm oil futures snapped snap a four-session decline on Friday evening, seeing its strongest gains in nearly three weeks, on a weaker production outlook and tracking overnight gains in U.S. soyoil.

* U.S. soybean and corn futures posted losses for the fourth straight week on worries about the escalating trade dispute between the United States and China, although prices rose for the day on Friday as some traders covered short positions.

* Brent crude oil prices fell by more than 2 percent early on Monday as traders factored in an expected output increase that was agreed at the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna on Friday.

MARKET NEWS

* World shares rose on Friday but still registered their biggest weekly decline in three months on continuing global trade tensions, while oil prices surged after OPEC decided on only modest increases in crude production.

RELATED

 EPA to propose 19.88 bln gallon biofuels mandate, up 3 pct - sources

 Weak monsoon delays cotton, soybean sowing in India

 U.S. 2018 corn seeding seen 88.56 mln acres, soy 89.69 mln

 Egypt's GASC says seeking soyoil, sunflower oil in tender

DATA/EVENTS

 Cargo surveyor AmSpec 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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