Lower production: Export of palm oil products declined by 8.2% in 2016 to 23.29 million tonnes from 25.37 million tonnes a year ago, mainly due to lower production.
KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oilmarkets on Tuesday May 16.
FUNDAMENTALS
* Malaysian palm oil futures climbed on Monday as market sentiment rose alongside higher exports figures ahead of festivities, and firm soyoil prices provided support.
* U.S. wheat futures fell more than 2 percent on Monday on chart-based selling, abundant global supplies and seasonal pressure from the approach of harvest, analysts said.
* Oil jumped 2 percent to its highest in more than three weeks on Monday, topping $52 a barrel after Saudi Arabia and Russia said that supply cuts need to last into 2018, a step towards extending an OPEC-led deal to support prices for longer than first agreed.
MARKET NEWS
* Asian stocks are set to rise in opening trade on Tuesday following overnight gains on Wall Street, while oil is set to extend a week-long rally after major producers Saudi Arabia and Russia said supply cuts needed to continue into 2018.
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DATA/EVENTS
Cargo surveyor ITS releases Malaysia’s May 1-20 palm oil export data on May 20.
Cargo surveyor SGS releases Malaysia’s May 1-20 palm oil export data on May 20.
- Reuters
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