Palm edges lower for second straight session

-A +A

KUALA LUMPUR (May 9): Malaysian palm oil futures eased in early trade on Thursday, in line for a second day of loss after falling about 0.2% in its previous trading session.

The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange was last down 0.7% at RM2,023 (US$487.59) a tonne.

FUNDAMENTALS
* Malaysian palm oil futures fell on Wednesday, pressured by concerns over the Sino-US trade conflict, and as the ringgit strengthened.

* Chicago corn slid 1% on Thursday, falling for a second session, as forecasts for dry weather next week in parts of the US Midwest boosted hopes that farmers will be able to catch up on planting.

* Oil prices dropped on Thursday amid concerns over the escalating trade battle between the United States and China, despite a surprise fall in US crude stockpiles.

MARKET NEWS
* Asian shares hit six-week lows in early trade on Thursday as increased tensions ahead of key Sino-US trade negotiations fanned fresh concerns about the outlook for the global economy.

* The dollar hovered near a six-week low versus the yen early on Thursday, weighed against its safe-haven Japanese peer as risk aversion gripped broader markets amid concerns that the US-China trade conflict could escalate.

* The benchmark S&P 500 fell on Wednesday for the third day in a row as investors remained cautious about the latest developments on US-China trade talks even after hopeful comments from the White House regarding an eventual agreement.