Palm oil books more than 5% weekly gain
The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange was up 75 ringgit, or 1.7%, at 4,478 ringgit ($1,063.66) a metric ton at the close.
The futures gained 5.24% this week.
Exports of Malaysian palm oil products for August 1-15 rose 21.3%, according to AmSpec Agri Malaysia, while according to cargo surveyor Intertek Testing Services, they rose 16.5%.
Dalian's most-active soyoil contract fell 0.19%while its palm oil contract gained 0.11%. Soyoil prices on the Chicago Board of Trade were up 0.33%.
Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market.
Indonesia will launch a broader crackdown on the illegal exploitation of natural resources after a survey found that palm plantations on 3.7 million hectares (14,300 square miles) were operating in violation of the law, President Prabowo Subianto said on Friday.
India's July palm oil imports fall as soyoil jumps to 3-year high
India's palm oil imports declined in July after cancellations of contracts, while soyoil shipments jumped to a three-year high, driven by competitive prices and the arrival of delayed June consignments, a leading trade body said.
Meanwhile, oil prices fell on Friday as traders awaited talks between U.S. President Donald Trump and Russian leader Vladimir Putin, which some expect could lead to an easing of sanctions imposed on Moscow over the Ukraine war.
Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.
The ringgit, the palm's currency of trade, weakened 0.17% against the dollar, making the commodity cheaper for buyers holding foreign currencies.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Express Tribune
an hour ago
- Express Tribune
Pak-Afghan relations: winds of change?
Are we in for a radical change in Pak-Afghan relations after an unprecedented move by proponents of the former Northern Alliance, many of whom now embody the National Resistance Front (NRF) of Afghanistan, led by Ahmed Masood, the son of the late Ahmed Shah Masood? Or does a rude shock await the new Kabul regime through new alignments involving Tajikistan, the historical base of the Northern Alliance? But before delving into the Pak-Afghan issue, let's look at three critical developments in the current "world in flux". President Donald Trump's peace and tariffs offensives are indeed enforcing recalibration, if not major shifts, in global alliances. Trump's meeting with Russian President Vladimir Putin — regardless of immediate outcomes — marks a defining moment both for their bilateral relations and the present turbulent geopolitics. Secondly, after China's upfront posturing on the tariffs issue forced Trump into extending the deadline for trade negotiations, Indian business executives and Prime Minister Narendra Modi are slowly upping the India card with their anti-America rhetoric. This is triggering calls across India for boycotting McDonald's, Coca-Cola, Amazon and Apple, among others — all prompted by US tariffs on exports from India, which is the biggest market for Meta's WhatsApp and beverages like Pepsi, Coca-Cola or Starbucks. India, being the world's most populous country and the fourth largest economy, certainly sees value in leveraging its soft power vis-à-vis a strident Trump, not ready to bend - at least for now. Thirdly, and it relates to the messaging, Trump's policies on tariffs and conflict are radiating with a "sobering" effect on the smaller and weaker stakeholders across the globe. And one wonders if the Independence Day felicitations from the traditionally pro-India and anti-Taliban NRF, a successor to the Northern Alliance, also flow from President Trump's indirect messaging. The unprecedented NRF message (congratulations to Pakistan and its people on the occasion of the country's Independence Day) comes in the context of an argument that present Taliban government leaders often peddle in private; Northern Afghan groups would brand us as "pro-Pakistan if we shunned the historical Afghan position on the border issue." It is worth recalling that when the US launched its bombing of Kabul on October 7, 2001, in the aftermath of the 9/11 terror attacks in New York and Washington, their partner on the ground was Masood's Shoorae Nazar, then led by Marshal Faheem. Masood had been assassinated by Al-Qaeda militants disguised as journalists in his native Takhar province only two days before the 9/11 attacks. The entire politics of Shoorae Nazar was anti-Pakistan, pro-India, and they had always leveled allegations that sounded like coming from India. Most of their leaders lived in India before and after the 9/11 attacks. Even Masood Khalili, who was injured in the attack on Ahmed Shah Masood, was taken to India for treatment. It is nothing but ironic that following decades of acrimonious posturing, the successor to Shoorae Nazar — NRF — has extended an olive branch to Islamabad through an encouraging Independence Day message. Now that the late Ahmed Shah Masood's son has formally congratulated Pakistan, Taliban Foreign Minister Amir Khan Muttaqi also sent similar greetings to his Pakistani counterpart, Ishaq Dar, according to an official announcement from Muttaqi's office. The exchange of greetings also coincided with the celebration of "Victory Day" — when the Taliban regained power in Afghanistan on a Sunday, August 15, four years ago. Does the festive mood - a mix of hope and goodwill — around Pakistan's Independence Day, Afghanistan's "Victory Day", followed by the Afghan Independence Day on August 19 coupled with positive messaging from the NRF offer a chance to Afghans in general and to the Taliban regime in particular to build on their expression of goodwill for Pakistan? Can the development help Afghans embrace the reality of Pakistan as it has existed since 1947, abandon the old clichéd narratives that often belittle and accuse it of treating Afghanistan as a colony, and move on in favour of an equal-footed cordial relationship between the two uneasy neighbouring countries? Have the winds of change begun blowing to improve Pak-Afghan relations, or should the NRF felicitation gesture signal something ominous to Pakistan, particularly at a time when both China and Russia have courted the Taliban leadership, with Moscow recognising the Kabul regime to the displeasure of the Trump administration? How would Taliban leaders view the recently concluded Pakistan-Tajikistan Counter-Terrorism Exercises Dosti-ll (August 4-9) in a country that historically served as the base for Shoorae Nazar during the anti-Soviet jihad? Dushanbe, the capital, also symbolised the shelter and support (including from India) to Ahmed Shah Masood's militia in its fight against the Taliban until the 9/11 events, and continues to be the hub of NRF activities.
Business Recorder
5 hours ago
- Business Recorder
Dow briefly hits record high on UnitedHealth's gains; data in focus
The blue-chip Dow briefly hit a record high on Friday, as UnitedHealth's shares jumped after Berkshire Hathaway raised its stake in the health insurer, while investors assessed mixed data to gauge the Federal Reserve's monetary policy path this year. UnitedHealth Group gained 11.6% to hit a more than two-month high after Warren Buffett's company revealed a new investment in the health insurer, while Michael Burry's Scion Asset Management also turned more bullish on the company. Rising costs in the broader healthcare sector and an about 40% slump in heavyweight UnitedHealth's shares this year have left the Dow lagging its Wall Street peers on the road to record highs. The price-weighted index last scaled an all-time high on December 4. This week, however, the healthcare sector is the top performer on the S&P 500 and is on track for its best weekly performance since October 2022. Other insurance stocks Centene and Molina gained 5.2% each. A report showed retail sales in July rose as expected, but the University of Michigan's index tracking consumer confidence fell more than expected to 58 as inflation expectations rise. 'As long as consumer spending holds up and companies are able to retain workers because of that robust spending, the flywheel can continue to spin, pushing corporate profits and stock prices higher,' said Chris Zaccarelli, chief investment officer for Northlight Asset Management, speaking on the retail sales figures. At 10:11 a.m. ET, the Dow Jones Industrial Average rose 99.11 points, or 0.22%, to 45,011.45, the S&P 500 lost 7.39 points, or 0.11%, to 6,461.15 and the Nasdaq Composite lost 30.70 points, or 0.14%, to 21,681.10. Wall Street's main U.S. stock indexes are on track for their second week of gains, buoyed by expectations that the Fed could restart its monetary policy easing cycle with a 25-basis-point interest rate cut in September. The central bank last lowered borrowing costs in December and said U.S. tariffs could add to price pressures. However, recent labor market weakness and signs that tariff-induced inflation was yet to reflect in headline consumer prices have made investors confident of a potential dovish move next month. Still, Chicago Fed President Austan Goolsbee said recent data reports showed a stagflationary impulse from tariffs on the economy. On the trade front, U.S. President Donald Trump said he would unveil tariffs on steel and semiconductors next week. Applied Materials tumbled 11.3% after the chip equipment maker issued weak fourth-quarter forecasts. Intel rose 3% after a report said the Trump administration was in talks for the U.S. government to potentially take a stake in the chipmaker. Attention was also on a meeting between Trump and Russian counterpart Vladimir Putin that markets hope could pave the way for a resolution to the Ukraine conflict. The meeting will take place at 1900 GMT. Declining issues outnumbered advancers by a 1.22-to-1 ratio on the NYSE and a 1.31-to-1 ratio on the Nasdaq. The S&P 500 posted 8 new 52-week highs and no new lows while the Nasdaq Composite recorded 52 new highs and 45 new lows.
Business Recorder
5 hours ago
- Business Recorder
Toronto stocks subdued as investors await pivotal US-Russia meet
Canada's main stock index was flat on Friday as investors awaited a high-stakes meeting between Donald Trump and Russian leader Vladimir Putin on a potential path to ending the war in Ukraine. The Toronto Stock Exchange's S&P/TSX composite index was up 0.03% at 27,924.45 points. Among TSX sub-indexes, healthcare led weekly gains after a 3.7% rise on the day, boosted by a 37% weekly jump in Bausch Health Companies, its biggest rise since May 2023. Materials was the biggest drag, down 0.5%, as gold prices traded with caution ahead of the Trump-Putin talks. The stage was set for the U.S.-Russia summit in Alaska, scheduled for 11 a.m. Alaska time (1900 GMT), to discuss a ceasefire in Ukraine that Washington views as a potential path to ending Europe's deadliest war since World War Two. Trump said a second summit involving Ukrainian President Volodymyr Zelenskiy could follow if the talks go well. 'Short-term investors are hoping at least the meeting brings some kind of ceasefire or at least have continuous talks aswe're moving towards the end of the summer,' said Michael Constantino, CEO at Webull Canada. TSX's moves also mimicked Wall Street's benchmark S&P 500 index, which was largely flat. However, the blue-chip The Dow Jones Industrial Average took the spotlight as it hit an all-time intraday high. Despite the tepid moves, ongoing expectations for U.S. Federal Reserve easing have kept Canadian equities on track to finish the week higher. The TSX is up 0.5% so far this week. Data on Friday showed Canadian factory sales grew 0.3% in June from May, led by petroleum, coal and food products, while wholesale trade rose 0.7% on gains in food, beverage and tobacco. South of the border, retail sales rose by an expected 0.5% in July, but a spike in import prices raised concerns that U.S. tariffs could fuel inflation in the months ahead.
