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 Tuesday May 2.
FUNDAMENTALS
* Malaysian palm oil futures were slightly higher on Friday evening, reversing losses from earlier in the day due to low demand, pending the release of data and ahead of a long weekend.
* U.S. wheat futures surged 5.2 percent to their highest in nearly two months on Monday after a weekend snow storm in key production areas raised concerns about severe crop damage, traders said.
* Oil prices edged down on Tuesday, as a recovery in Libyan output and rising U.S. supplies raised worries that OPEC-led production cuts may not significantly tighten a bloated market.
MARKET NEWS
* Asian shares advanced on Tuesday, helped by rising optimism on the technology industry and easing concerns over North Korea, while the dollar edged up to one-month high versus the yen.
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DATA/EVENTS
Cargo surveyor ITS releases Malaysia’s May 1-10 palm oil export data on May 10.
Cargo surveyor SGS releases Malaysia’s May 1-10 palm oil export data on May 10.
- Reuters
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