Palm rises on firmer Dalian oils, weak ringgit, but set for second weekly loss
KUALA LUMPUR: Malaysian palm oil futures opened higher on Friday for a second straight session, supported by stronger rival Dalian oils and a weak ringgit.
The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange gained RM47, or 1.24 per cent, to RM3,848 (US$890.74) a metric ton in early trade.
The contract has lost 1.19 per cent so far this week and is poised to log a second consecutive weekly decline.
FUNDAMENTALS
Dalian's most-active soyoil contract rose 1.21 per cent, while its palm oil contract added 1.32 per cent. Soyoil prices on the Chicago Board of Trade (CBOT) eased 0.08 per cent.
Palm oil tracks prices of rival edible oils as it competes for a share of the global vegetable oils market.
The ringgit, palm's currency of trade, weakened 1.01 per cent against the dollar, making the commodity cheaper for buyers holding foreign currencies.
Oil prices were little changed after rising more than 3 per cent on Thursday, as trade tensions between top oil consumers US and China showed signs of easing and Britain announced a "breakthrough" trade deal with the United States.
Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.
Palm oil may bounce more into the RM3,867-RM3,906 per metric ton range, as it has stabilized around support at RM3,702, Reuters technical analyst Wang Tao said.
Japanese stocks jumped on Friday, supported by the dollar's surge against the yen, after a US trade deal with Britain fuelled hopes of progress in tariff talks with other countries.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
12 minutes ago
- The Star
Spotlight on leadership at hospitality festival
Participants were treated to a dynamic events line-up that included keynote addresses, expert panels, workshops and group chats. OVER 120 hospitality professionals from South-East Asia, Japan and China met in George Town, Penang, to be a part of global growth in the sector. They attended the three-day Ascott Learning Festival 2025 held at Ascott Gurney Penang, which was designed to foster leadership, innovation and professional growth. The festival, in its second edition, was themed 'Grow with Us, Lead Our Future'. It showcased a forward- thinking agenda with keynote addresses, expert panels, workshops and group chats. Organised by The Ascott Limited (Ascott), it aimed to deepen regional collaboration and strengthen lifelong learning across the Ascott network. Participants were treated to a dynamic events line-up that included a food innovation session led by acclaimed chef Darren Teoh of Malaysia's sole two Michelin star-restaurant Dewakan. Lim (second from left) posing for a photo with (from left) ascott learningand development director reuben Chen yong Soon, ascott GurneyPenang general manager Chan Kuok-Pin and Citadines ConnectGeorgetown Penang general manager Lee Boon Kae during the festival. Teoh explored the contrasts and commonalities between street food and hotel dining. In a lighter segment titled 'Ask Me Anything', popular Malaysian stand-up comedian Douglas Lim charmed the crowd. When asked what career he might have pursued had he not become a comedian, Lim quipped, 'I actually studied to be a teacher but then I realised it wouldn't suit me, mainly because I hate children.' The laughter Lim elicited brought a fun twist to the festival's otherwise intensive programme and allowed attendees to connect through shared humour. Ascott Malaysia country general manager Mondi Mecja, in his speech at the event, said the festival was more than just a corporate training event. 'It's a platform for our people to be inspired by the best in the business, from culinary innovators to thought leaders in AI (artificial intelligence) and wellness,' he added. The festival nurtured attendees with sessions covering digital marketing trends, financial literacy, mindfulness and adaptive leadership. The final day focused on strategic thinking and featured a live-streamed dialogue with CapitaLand Group chairman Wong Kan Seng and CapitaLand Investment (CLI) chairman Miguel Ko. Participants also enjoyed cultural immersion activities, adding local flavour to the festival. Since launching Asia-Pacific's first international-class serviced residence in 1984, Ascott has become a leading global hospitality company. Headquartered in Singapore, it has over 950 properties in over 230 cities across more than 40 countries. Among its range of accommodations are serviced residences, hotels and senior living under brands like Ascott, Citadines and Lyf. As a wholly-owned unit of CLI, Ascott leverages its expertise and network in hospitality, and investment management.
The Star
an hour ago
- The Star
Crude climbs on US jobs report, China talks
Brent crude futures settled at US$66.47 a barrel, up US$1.13, or 1.73%. US West Texas Intermediate crude finished at US$64.58, up US$1.21 or 1.91%. HOUSTON: Crude rose more than US$1 a barrel on Friday, posting its first weekly gain in three weeks after a favorable US jobs report and resumed trade talks between the US and China, raising hopes for growth in the world's two largest economies. Brent crude futures settled at US$66.47 a barrel, up US$1.13, or 1.73%. US West Texas Intermediate crude finished at US$64.58, up US$1.21 or 1.91%. Billed as RM9.73 for the 1st month then RM13.90 thereafters. RM12.33/month RM8.63/month Billed as RM103.60 for the 1st year then RM148 thereafters. Free Trial For new subscribers only
The Star
an hour ago
- The Star
Rare potential, untapped wealth
RARE earth elements (REEs) have become a significant focal point in the ongoing US-China spat, particularly in the context of trade tensions. They represent a huge bargaining chip for China, considering its dominant control and expertise in the sector. Billed as RM9.73 for the 1st month then RM13.90 thereafters. RM12.33/month RM8.63/month Billed as RM103.60 for the 1st year then RM148 thereafters. Free Trial For new subscribers only
