Palm prices decline limited by Indian buying, short covering
JAKARTA: Malaysian palm oil futures fell on Thursday, continuing their decline for an eighth session and hitting their lowest since September, although strong Indian buying and short covering helped erase some early losses.
The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange lost 1 ringgit, or 0.03%, to 3,727 ringgit ($874.27) a metric ton by the midday break.
'The futures opened lower but quickly found some floor on the back of Indian buying and short covering after a significant decline in recent times,' said Anilkumar Bagani, research head of Mumbai-based vegetable oil broker Sunvin Group.
India has been at the forefront to buy palm oil due to its lucrative prices in comparison to rival oils, mainly soyoil, he added. Dalian's most-active soyoil contract fell 0.13%, while its palm oil contract shed 0.63%. Soyoil prices on the Chicago Board of Trade were up 0.49%.
Palm oil tracks price movements of rival edible oils as it competes for a share of the global vegetable oils market.
Malaysian palm oil futures are likely to extend their decline and trade near a two-year low of 3,500 ringgit from June to November as recovery in production leads to a stock build, industry analyst Dorab Mistry said on Wednesday.
Malaysian palm oil futures slip
Oil rose on the day, supported by hopes of a breakthrough in looming US-China trade talks. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.
The ringgit, palm's currency of trade, weakened 0.71% against the US dollar, making the commodity cheaper for buyers holding foreign currencies.
Palm oil may test support at 3,702 ringgit, a break below which could open the way towards the 3,638-3,662 ringgit range, according to Reuters' technical analyst Wang Tao.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
3 hours ago
- Business Recorder
Indian shares set to open higher on hopes of easing global trade woes
India's benchmark indexes are poised to open higher on Wednesday, tracking other Asian peers as hopes of a potential breakthrough in U.S.-China trade negotiations buoyed sentiment. Gift Nifty futures were trading at 24,723 as of 8:06 a.m. IST, indicating a firm start above Nifty 50's close of 24,542.50 on Tuesday. The Reuters Tariff Watch newsletter is your daily guide to the latest global trade and tariff news. Sign up here. Other Asian markets opened higher, with the MSCI Asia ex-Japan index rising 0.9%, following Wall Street's overnight gains. U.S. equities rose overnight after the White House signaled that President Donald Trump will likely meet Chinese President Xi Jinping this week to advance trade talks. Financials, IT weigh on Indian shares; Adani stocks slip on report of US probe The Trump administration wants countries to submit their best offer for negotiations by Wednesday, as officials seek to accelerate talks with multiple trading partners ahead of a self-imposed deadline in just five weeks, according to a draft letter to negotiating partners viewed by Reuters. Meanwhile, foreign portfolio investors (FPI) sold Indian shares for the third straight session on Tuesday, with outflows amounting to 28.54 billion rupees ($333.2 million). The domestic institutional investors (DII) remained net buyers for eleven sessions in a row. The Nifty declined for three consecutive sessions till Tuesday as global trade uncertainty overshadowed strong domestic macroeconomic data, including a robust March-quarter growth. Rate-sensitive sectors will be closely watched ahead of the Reserve Bank of India's policy decision on Friday. The central bank is widely expected to cut interest rates to support growth.
Business Recorder
3 hours ago
- Business Recorder
South Korea's new president Lee Jae-myung vows economic revival, judgment on martial law
SEOUL: South Korea's new liberal President Lee Jae-myung began his term on Wednesday, vowing to raise the country from the turmoil of a martial law crisis and revive an economy reeling from slowing growth and the threat of global protectionism. Lee's decisive victory in Tuesday's snap election stands to usher in a sea change in Asia's fourth-largest economy, after backlash against a botched attempt at military rule brought down Yoon Suk Yeol just three years into his troubled presidency. He faces what could be the most daunting set of challenges for a South Korean leader in nearly three decades, ranging from healing a country deeply scarred by the martial law attempt to tackling unpredictable protectionist moves by the United States, a major trading partner and a security ally. With 100% of the ballots counted, Lee won 49.42% of the nearly 35 million votes cast while conservative rival Kim Moon-soo took 41.15% in the polls that brought the highest turnout for a presidential election since 1997, according to National Election Commission data. The 61-year-old former human rights lawyer called Tuesday's election 'judgment day' against Yoon's martial law and his People Power Party's failure to stop the ill-fated move. 'The first mission is to decisively overcome insurrection and to ensure there will never be another military coup with guns and swords turned against the people,' Lee said in a victory speech outside parliament. 'We can overcome this temporary difficulty with the combined strength of our people, who have great capabilities,' he said. Lee was officially confirmed as president by the National Election Commission on Wednesday and immediately assumed the powers of the presidency and commander in chief. An abbreviated inauguration is planned at parliament at 11 a.m. (0200 GMT), an Interior Ministry official said. Lee has said he would address urgent economic challenges facing the country on the first day in office with a focus on the cost-of-living concerns affecting middle and low-income families and the struggles of small business owners. He also faces a deadline set by the White House on negotiating import duties that Washington has blamed for a large trade imbalance between the countries. 'Deal with Trump' The government under a caretaker acting president had made little progress in trying to assuage crushing tariffs announced by U.S. President Donald Trump's administration that would hit some of the country's major industries, including autos and steel. South Korea's presidential election set to reshape policies for key U.S. ally 'President Lee will find himself with little to no time to spare before tackling the most important task of his early presidency: reaching a deal with Trump,' the Washington-based Center for Strategic and International Studies said in an analysis. U.S. Secretary of State Marco Rubio congratulated Lee on his election win and said the countries 'share an ironclad commitment to the Alliance grounded in our Mutual Defense Treaty, shared values, and deep economic ties.' He also said that the countries were 'modernising the Alliance to meet the demands of today's strategic environment and address new economic challenges.' The White House said the election of Lee was 'free and fair' but the United States remained concerned and opposed to Chinese interference and influence in democracies around the world, according to a White House official. Lee has expressed more conciliatory plans for ties with China and North Korea, in particular singling out the importance of China as a major trading partner while indicating reluctance to take a firm stance on security tensions in the Taiwan strait. Still, Lee has pledged to continue Yoon's engagement with Japan and said the alliance with the United States is the backbone of South Korea's global diplomacy. The martial law decree and the six months of ensuing turmoil, which saw three different acting presidents and multiple criminal insurrection trials for Yoon and several top officials, marked a stunning political self-destruction for the former leader and a drag on an economy already slowing growth.
Express Tribune
6 hours ago
- Express Tribune
MrBeast hits 400 million subscribers on YouTube
MrBeast has reached a new milestone on YouTube by surpassing 400 million subscribers. Celebrating the feat on X (formerly Twitter), he wrote, "400,000,000 subscribers! A decade ago, before I blew up, everyone in my life told me I was too obsessed and constantly told me that I'd never make it." The YouTuber added that his passion led him against the criticism. "Despite that, I was in love with making content and grinded every moment my eyes were open for seven years before anyone started watching. I literally told my mom I'd rather be homeless than do anything else." Grateful to the platform and his subscribers, he said, "The greatest gift in life is being able to wake up everyday with a purpose and thanks to YouTube and you guys, I have that. Thanks for 400M." No other channels on the platform are even close to the number. To put into perspective, Pewdiepie and T-Series – who had the popular online race to 100 million subscribers back in 2019, which the Indian music company won – are at 110 million and 295 million subscribers respectively. In 2023, MrBeast expressed his desire to break T-Series' record of subscribers – with MrBeast at 125 million subscribers and T-Series at 230 million then. He broke the record in 2024, becoming the most subscribed YouTuber on the platform. MrBeast, born James Stephen "Jimmy" Donaldson, joined YouTube in 2012 by posting gaming content and trying other formats. Flashforward to a 2017 video, he counted down to 100,000, which became his gateway to fame. The video currently has almost 32 million views. Since then, the YouTuber became known for his extravagant challenges and large-scale giveaways. In 2024, he premiered his own version of Netflix's Squid Game, called Beast Games on Amazon's Prime Video. The 10-episode competition series featured 1,000 players and set a grand prize of $5,000,000. Later, a lawsuit was filed against the content creator and his production company on behalf of five unnamed contestants, as per Variety. The lawsuit alleged that the show failed to provide basic necessities such as medical care, food, and sleep to the participants, adding that they were not paid minimum wage for their overtime involvement and were subjected to "dangerous circumstances and conditions." In response, MrBeast wrote on X, "We have tons of behind-the-scenes footage dropping when the series does to show how these claims were blown out of proportion. Just can't release it now because it would spoil the games." The show scored a 5.7 rating on IMDb and a 20 per cent score on Rotten Tomatoes, with viewers remarking that it exploited underprivileged participants for entertainment and missed the point of Squid Game.
