
Palm opens higher on strong Dalian oils, crude oil prices
The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange gained 17 ringgit, or 0.4%, to 4,271 ringgit ($1,008.98) a metric ton in early trade. The contract rose 0.28% in the previous session.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Business Recorder
5 hours ago
- Business Recorder
Asian FX gain as dollar retreats
BENGALURU: Asian currencies gained on Monday as dollar weakness offered relief from recent losses, while equities climbed on hopes the US Federal Reserve would cut rates, easing economic pressures amid uncertainty over the new US tariff regime. The Malaysian ringgit led the advance, strengthening 1% to 4.233 per dollar and snapping six straight sessions of losses. The Indonesian rupiah and Taiwan dollar surged as much as 0.7%, and the Philippine peso added 0.57%. The South Korean won and Singapore's dollar edged 0.2% higher. The dollar index recovered marginally on Monday after tumbling more than 1% on Friday when President Donald Trump unveiled sweeping tariffs and after a dismal US jobs report sent traders scrambling to price in aggressive Fed rate cuts. 'Investors have shifted focus from trade uncertainties to the impact of the tariffs that have been in place for a while,' Maybank analysts said in a note. 'For now, the greenback may be caught in a tug of war between growth and inflation concerns that could leave it range-bound, but we look for the eventual slowdown in the US economy and resumption of Fed easing cycle to take the USD lower.' Regional equity markets largely edged higher as the heightened prospect of lower borrowing costs helped soothe concerns about the US economy. Seoul and Singapore gained as much as 1% each, and equities in Mumbai, Bangkok, and Manila rose between 0.4% and 0.8%. Jakarta and Kuala Lumpur bucked the trend, slipping more than 0.3% each. This week's ISM services data and jobless claims will be crucial in determining whether the Fed would move more aggressively to support the economy.


Business Recorder
18 hours ago
- Business Recorder
India's July palm oil imports drop as soyoil shipments surge, dealers say
MUMBAI: India's palm oil imports fell in July because of cancellations in import contracts, while soyoil shipments surged to a 3-year high due to competitive prices and the delivery of delayed shipments from June, according to five dealers. Lower palm oil imports by India, the world's biggest buyer of vegetable oils, could lead to a stock buildup in top producers Indonesia and Malaysia and weigh on benchmark Malaysian palm oil futures. In July, palm oil imports declined by 10% to 858,000 metric tons, down from June's 11-month high, according to estimates from dealers. Soyoil imports in July surged 38% month-on-month to 495,000 tons, the highest level in three years. The increase was a result of vessels finally discharging their cargo in July after being delayed by congestion at Gujarat's Kandla port in June, they said. Sunflower oil imports fell 7% to 201,000 tons, dealers estimated. Higher imports of soyoil lifted India's total edible oil imports in July by 1.5% to 1.53 million tons from a month earlier, the highest level since November, according to dealers' estimates. Palm oil slips over concerns of rising output, stocks The import numbers exclude duty-free shipments that arrived via land borders from Nepal, they said. After buying less edible oil than usual in the first half of 2025, India is now increasing imports to meet rising demand ahead of the upcoming festive season, said Aashish Acharya, vice president at Patanjali Foods Ltd, a leading importer of edible oils. In India, edible oil demand, particularly for palm oil, typically rises during the festival season due to increased consumption of sweets and fried foods. Even in the coming months, imports will remain robust as refiners try to replenish their inventories, said Rajesh Patel, managing partner at GGN Research, an edible oil trader. India buys palm oil mainly from Indonesia and Malaysia, while it imports soyoil and sunflower oil from Argentina, Brazil, Russia and Ukraine. Nepal's edible oil imports were 83,000 tons in July, up from 75,000 tons in June, GGN Research estimated.


Business Recorder
19 hours ago
- Business Recorder
Indian rupee extends slide on foreign outflows, dollar demand from oil firms
MUMBAI: The Indian rupee extended its decline against the U.S. dollar on Monday, pressured by persistent foreign outflows and sustained dollar demand from importers, particularly state-run oil companies, traders and analysts said. The rupee closed at 87.6550 to the dollar, compared with Friday's close of 87.5400. The currency had opened stronger at 87.2250, tracking a weaker dollar after a softer-than-expected U.S. jobs report on Friday raised expectations of a Federal Reserve rate cut in September. The dollar index was down 0.27% at 98.92 as of 1025 GMT. However, dollar-buying through the day, especially by oil importers, erased early gains, traders said. The rupee had dropped to 87.74 last Thursday, its lowest since February and just shy of its record low of 87.95, following former U.S. President Donald Trump's announcement of a steeper-than-expected 25% tariff on Indian imports. Indian rupee suffers worst monthly drop since 2022 on tariff blow, portfolio outflows The Reserve Bank of India intervened through the week to support the currency, traders said. 'Consistent foreign outflows from local stocks and elevated corporate dollar demand are likely to keep the rupee under pressure,' a trader at a private bank said. Foreign investors sold $2 billion worth of Indian equities on a net basis in July. Despite intraday volatility, the rupee may stabilise in the coming days, said Dilip Parmar, foreign exchange analyst at HDFC Securities. The RBI's rate decision at its monetary policy meeting later this week could also influence the local currency's trajectory, Parmar added. Meanwhile, other Asian currencies gained on Monday, led by the Malaysian ringgit's rebound of nearly 1% as dollar weakness offered relief from recent losses.