Palm surges on stronger Dalian oils, weak ringgit
The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange gained RM104, or 2.73 per cent, to RM3,918 (US$905.48) a metric ton in early trade, the biggest daily gain since March 7.
The market in Malaysia was closed on Monday for the Vesak holiday.
FUNDAMENTALS
Dalian's most-active soyoil contract rose 0.69 per cent, while its palm oil contract added 1.01 per cent. Soyoil prices on the Chicago Board of Trade (CBOT) dropped 0.28 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 0.77 per cent against the US dollar, making the commodity cheaper for buyers holding foreign currencies.
Oil prices eased on Tuesday from a two-week high reached in the previous session, after the US and China agreed to temporarily slash tariffs, sparking optimism that a trade war between the world's two biggest economies would come to an end.
MARKET NEWS
Asian stocks joined the global rally and the US dollar held on to most of its gains on Tuesday as investors heaved a sigh of relief after a temporary halt in the trade war between the US and China eased worries of a global recession.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Borneo Post
23 minutes ago
- Borneo Post
Trump announces 100 pct chip tariff, pressuring Asian producers
An employee works at a semiconductor chips factory in Huai'an, in eastern China's Jiangsu province on April 29, 2024. – AFP photo TOKYO (Aug 7): Donald Trump has announced a 100 per cent tariff on semiconductors from firms that do not invest in the United States — sparking volatility in Asian chipmaker shares today. The US president unveiled the levy at the White House on Wednesday ahead of the imposition of sweeping tariffs on goods from dozens of countries, with chips so far exempt. It comes with the United States and China locked in a high-stakes race to develop the high-end semiconductors used to power artificial intelligence systems. 'We'll be putting a tariff of approximately 100 per cent on chips and semiconductors, but if you're building in the United States… there's no charge,' Trump said. He did not give a timetable for the new levy, which he has repeatedly threatened in the past, to be enacted. Arisa Liu, senior semiconductor researcher at the Taiwan Institute of Economic Research, said it would impact the 'strategic direction of global semiconductor companies'. 'Since the United States is the world's largest player in AI and related high-performance computing, this will have a relatively greater impact on companies involved in advanced processes,' she said. 'The highest-end semiconductors will be excluded,' Alicia Garcia-Herrero, chief economist for Asia Pacific at Natixis, told AFP. But 'this kills producers of low-end chips', including those based in Malaysia or China, she warned. Today, shares in Taiwan's TSMC — world's largest contract maker of chips, which counts Nvidia and Apple among its clients — soared nearly five per cent after the government said the company would not be affected. Taiwan is a global powerhouse in semiconductor manufacturing, with more than half of the world's chips and nearly all of the high-end ones made there. 'Fight for Malaysia' Trump has previously accused Taiwan of having stolen the US chip industry, and earlier this year, TSMC unveiled a plan to invest an extra US$100 billion in the United States. Samsung Electronics, which is pumping billions into the United States, rose more than two per cent in Seoul, but a range of Japanese chip-making shares sank on the news. Apple is also investing an additional US$100 billion in the United States, Trump and the US tech giant's CEO Tim Cook announced Wednesday, with Cook calling it 'the largest investment Apple has made in America'. Malaysian trade minister Tengku Zafrul Abdul Aziz told parliament today that the country, a key chip manufacturing hub, was seeking an explanation from the US side. 'We will continue to fight for Malaysia to ensure that any policy changes or exemption criteria are communicated and negotiated in advance, and that Malaysia's position as a strategic partner is preserved,' he said. Chiang Min-yen, a non-resident fellow at the Research Institute for Democracy, Society, and Emerging Technology, said the tariff would hit legacy chipmakers who don't have the deep pockets to invest in the United States. 'Most of the legacy chip manufacturers in Taiwan, in the US, even in Japan… all face very serious, unfair market competition from Chinese competitors,' he said. If US policies undermine these companies' production efficiency, the Chinese competitors 'will be able to more easily enter the global market' and come to dominate the field in the future, Chiang told AFP. That 'would be very harmful for US industrialisation policies', he warned. 'In the end, we may have to rely more on the Chinese legacy chips, and it would hurt our cybersecurity or even national security.' – AFP Asian semiconductors tariffs trump us
Barnama
26 minutes ago
- Barnama
Marriott Bonvoy Stirs Up Merdeka Spirit With Inaugural Travelling Coffee Rave
KUALA LUMPUR, Aug 7 (Bernama) -- This Merdeka season, Marriott Bonvoy, the loyalty programme by Marriott International, is serving more than just perks, as it rolls out Brew With Benefits, an inaugural travelling coffee rave experience making its way through select hotels across Malaysia. Happening from August through September, the event blends Malaysia's vibrant café culture with a celebration of local flavours, featuring coffee-based creations inspired by local tastes, curated playlists, and special appearances by barista and hétam+ founder, Wira Merican. In a statement, Marriott Bonvoy said guests can look forward to limited-time 'cofftails', coffee-based cocktails infused with uniquely Malaysian flavours such as pandan, Harumanis mango, pineapple, and rose syrup. These specialty drinks will be available at participating hotels and bars, with Marriott Bonvoy members earning points with every purchase. Marriott International's Market vice president for Malaysia, George Varughese, said the initiative taps into the country's dynamic café culture. ''Brew With Benefits' brings that energy into our hotels in a way that feels contemporary, proudly Malaysian, and unmistakably Marriott Bonvoy. It's a unique way for guests to experience Merdeka through flavour, music and community,' he said. The highlight of the event is a special appearance by Wira Merican, who will host live demonstrations of his signature drinks, alongside a tasting session and storytelling inspired by Malaysia's cultural richness and the Merdeka spirit. He will also unveil six specially crafted beverages, including standout creations like Emas and Khatulistiwa. 'Coffee is more than a drink, it's an experience, a memory, a story. This collaboration lets us showcase Malaysia's diversity through flavour and celebration,' he said.
The Star
an hour ago
- The Star
BYD's 7,000-unit capacity carrier vessel makes maiden voyage to Malaysia
BYD Malaysia and Sime Motors welcomed the arrival of the BYD Zhengzhou carrier vessel at Northport, Port Klang, on Aug 5, 2025 KUALA LUMPUR: BYD Malaysia and the automaker's official distributor in Malaysia, Sime Motors, has announced the arrival of BYD's carrier vessel with fully-built BYD vehicles set for delivery to Malaysian consumers. BYD Zhengzhou, a roll-on/roll-off (RORO) vessel with a 7,000-unit capacity, made its first journey to Southeast Asia, with deliveries also scheduled for the Philippines, Indonesia and Singapore. In a joint statement, the parties said the carrier arrived at North Port, Port Klang, recently, before making one final stop in Thailand and continuing its return journey to China. "With the enhanced regional supply chain provided by the BYD carrier vessel, we are now assured of shorter delivery times, enabling us to provide better customer satisfaction, making this a win-win situation for all involved," said Sime Motors Southeast Asia managing director Jeffrey Gan. "This also prepares us to support greater volumes ahead, as we accelerate EV adoption in Malaysia through a dynamic ecosystem that spans retail, after-sales, and customer education as we make the shift towards cleaner, smarter, and more sustainable mobility. This is just the beginning, with more breakthrough innovations and strategic developments ahead." BYD Malaysia managing director Eagle Zhao said the investment in its own fleet of vessels puts BYD in a more seure position to manage global demand and critical transport resources through superior delivery stability and scale. The vessel's RORO method, where vehicles are driven directly on and off the vessel, offers substantial time and cost advantages compared with traditional container shipping, according to the statement.
