Latest news with #750
Barnama
26-05-2025
- Business
- Barnama
CPO Futures End Higher On Stronger Soybean Oil Prices
By Nur Athirah Mohd Shaharuddin KUALA LUMPUR, May 23 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed higher on Friday, supported by stronger soybean oil prices, said palm oil trader David Ng. However, he noted that gains were limited by concerns over rising production in the coming weeks, which could increase the country's overall stock level. 'We see support at RM3,750 per tonne and resistance at RM3,900 per tonne,' he told Bernama. At the close, the new spot month June 2025 contract rose RM2 to RM3,824 per tonne, July 2025 increased RM3 to RM3,836 per tonne, and August 2025 went up RM7 to RM3,827 per tonne. September 2025 advanced RM12 to RM3,821 per tonne, October 2025 gained RM21 to RM3,824 per tonne, and November 2025 rose RM22 to RM3,831 per tonne. Trading volume declined to 54,070 lots from 66,842 previously, while open interest fell to 244,075 contracts from 247,462 contracts. The physical CPO price for June South slipped by RM10 to RM3,880 per tonne. -- BERNAMA
New Straits Times
20-05-2025
- Business
- New Straits Times
Palm oil output rises in April, price recovery expected by mid-year
KUALA LUMPUR: Malaysian palm oil production rose sharply by 298,000 tonnes in April compared to March, rebounding from harvesting delays in early March caused by the monsoon season. According to the Malaysian Palm Oil Council (MPOC), production is expected to see moderate gains through September, mainly due to the high base effect. The output surge also pushed palm oil inventories up by 303,000 tonnes, reaching a six-month high—largely the result of softer export activity in March and April. Sub-Saharan Africa led export growth with a 24 per cent rise in the first four months of 2025, followed by an 8 per cent increase in the ASEAN region. However, exports to other regions declined. Looking ahead, MPOC said that palm oil prices are expected to remain in the range of RM3,750 to RM4,050 in May before gradually recovering. The council highlighted that both the vegetable oil and energy markets have been highly volatile over the past two months, largely influenced by intensifying trade tensions between the U.S. and China and OPEC's decision to ramp up crude oil production from June. It said that these developments have weighed heavily on market sentiment, dragging palm oil prices down by 18 per cent since April. In contrast, soybean oil prices rose by 7 per cent, while crude oil tumbled by 20 per cent. In response to the shifting price landscape, India reduced its effective import duty on crude palm oil in May, making it US$15 cheaper than soybean oil. This adjustment is expected to enhance palm oil's price advantage and spur higher import volumes, potentially at the expense of soybean oil. China has also seen improved palm oil competitiveness. In December 2024, the landed price of palm olein in China was US$260 higher than soybean oil. By May 16, 2025, the price gap had narrowed dramatically to just US$1. MPOC anticipates this price parity will drive a recovery in Chinese palm oil imports, particularly during the peak summer demand in June. Nonetheless, China's vegetable oil stockpile remains comfortable at 1.76 million tonnes. Meanwhile, the global biodiesel sector continues to struggle with weak margins, limiting blending to the minimum levels mandated in most regions. US biodiesel production dropped 24 per cent in the first two months of 2025, falling to 2 million tonnes from 2.7 million tonnes a year earlier. Feedstock consumption also saw steep declines: canola oil by 57 per cent, soybean oil by 33 per cent, and used cooking oil (UCO) by 31 per cent. Global biodiesel production is projected to decline by 1.7 million tonnes in 2025, with the US accounting for a reduction of 1 million tonnes. In contrast, biodiesel consumption in Indonesia remained stable at 1.9 million tonnes in the first two months of 2025, a modest 2 per cent increase from the same period in 2024. Biodiesel usage in March and April was also on track to meet the country's annual target of 13.7 million tonnes. Overall, the global vegetable oil market remains subdued, lacking strong bullish drivers. Weak energy prices continue to weigh on biodiesel margins globally. From June to September, global vegetable oil import demand is expected to shift in favour of palm oil, limiting further downside pressure on prices.
Business Recorder
15-05-2025
- Business
- Business Recorder
Senate body approves Off-the-Grid (CPPs) Levy Bill, 2025
ISLAMABAD: Despite opposition from industries in Khyber Pakhtunkhwa, the Senate Standing Committee on Finance approved a government bill – Off-the-Grid (Captive Power Plants) Levy Bill, 2025, on Thursday. Senator Anusha Rehman presided the meeting of the committee held here on Thursday in the Parliament House. The bill will also be moved in the National Assembly Standing Committee on Petroleum Division on Friday (today). Off-the-grid levy on gas-based CPPs: Govt moves copy of proposed bill in Senate Member Committee from Khyber Pakhtunkhwa Mohsin Aziz strongly opposed the bill, labelling it 'anti-Pakistan' and stated that it would lead to the closure of industries after they were previously encouraged to install captive power plants due to a lack of electricity in the country. The chairperson of the committee, Anusha Rehman, countered Senator Aziz's arguments, suggesting his stance appeared to oppose cheaper electricity. Senator Aziz denied this. Senator Rehman then noted that Senator Aziz, being online, his vote would not be counted. Senator Manzoor Kakar expressed his support for the bill, calling it 'very good,' and Senator AnushaRehman echoed this sentiment, highlighting the prime minister's promise to reduce electricity costs. Earlier, Petroleum Secretary Momin Agha briefed the committee on the bill, stating that its purpose is to reduce the burden of capacity utilisation and ultimately lower electricity prices for the general public. He informed the committee that a five percent levy was immediately imposed after the issuance of the ordinance, with the rate set to increase to 10 percent from July 2025, 15 percent in February 2026, and 20 percent in August 2026. Additional Secretary Finance explained that captive power plants were initially asked to shut down, leading companies to seek legal recourse. Consequently, the government decided to impose a levy instead of enforcing closure. He noted that out of 5,500 industrial connections, 1,100 have captive power plants, and these industries are currently operating on normal tariffs. Petroleum Division officials informed the committee about the increasing gas prices for captive power plants, rising from Rs2,750 per MMBTU in February 2024 to Rs3,000 in June 2024 and Rs3,500 in February 2025. On Wednesday, the government had moved a copy of the bill that provides for imposing an off the grid levy on natural gas based captive power plants in Senate session. Deputy Prime Minister Ishaq Dar, in his additional official capacity as Leader of the House in Senate, had moved the bill on the maiden day of the Senate's 350th session. Dar moved the bill in the Senate, which was referred to the Senate Standing Committee on Finance and Revenue. Copyright Business Recorder, 2025
What's On
07-05-2025
- What's On
Get flights included with this Dubai hotel offer
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Khaleej Times
24-04-2025
- Business
- Khaleej Times
'Dh39,000 profit': Dubai residents sell gold to fund Haj, weddings as prices hit record high
Many residents are flocking to Dubai's Gold Souk these days — not to buy gold, but to sell — taking advantage of the record-high prices that have pushed the value of the yellow metal to Dh400 per gram. For some, it is to meet a necessity; for others it's a smart financial decision that they had made over the years. Absar Ahmed, a long-time Dubai resident living in Al Jaddaf, has sold gold for a larger purpose. He plans to go for Haj this year, and a significant portion of the expenses will be covered by gold he had quietly collected over the years. 'Every six months, I would buy one tola gold bar. By the end of 2024, I had 8 bars in total, which I had purchased at an average price of around Dh2,750 each. Today, the same bar is selling for Dh4,668. I am making a profit of over Dh15,000.' His wife and children had also saved gold coins over the years from their Eidya and pocket money. 'Together, their collection is worth over Dh50,000 now. We never imagined it would grow this much. So we decided to use this money for something meaningful, and that is for our Haj pilgrimage.' Amit, a 27-year-old Indian expat from Gujarat, has a similar story. After saving gold for over a decade, he's now using the profits to pay for his upcoming wedding. 'I used to buy gold coins every Diwali and whenever I could save a little extra,' said Harshad. Over ten years, he collected 154 grams, spending around Dh22,000 in total. 'Now, at Dh400 per gram, the value of that gold has shot up to over Dh61,600. I am walking away with a profit of over Dh39,000. This will cover many expenses of my wedding next month.' While some residents have been saving for years. Momina Azam, a Pakistani expat living in Al Nahda, got into buying gold recently, especially after the Covid 19 pandemic. 'I started four years ago, buying gold coins whenever I had leftover cash,' said Azam. 'I ended up with 69 grams in total. Now, I am selling it for nearly Dh400 per gram, more than doubling my investment.' For Azam, the sale is but to bring some financial stability. 'I will be clearing off my credit card debt and putting the rest into savings.' According to traders, this trend is more than just a blip. Affan Sada, a long-time gold trader at Dubai Gold Souk, said they have seen many residents coming in to sell their gold as prices soared. 'Gold has touched the highest rate in history, and many residents who had been quietly investing over the last few years are now cashing in,' said Affan. 'We have seen people selling gold to fund Hajj trips, vacations, weddings, and paying off loans. For many, this is the moment they were waiting for.' He added that the pandemic years saw a shift in mindset. 'People started seeing gold not just as jewellery, but as an asset. A lot of them used to buy small amounts during festive seasons, and now those small coins and bars are bringing in big money.'
