Latest news with #AnilkumarBagani
Business Times
12 hours ago
- Business
- Business Times
Malaysia's palm oil stocks rise to highest in nearly two years
[KUALA LUMPUR] Malaysia's palm oil stocks rose for a fifth consecutive month in July to their highest level in almost two years as production growth outpaced exports, data from the industry regulator showed on Monday (Aug 11). The rise in inventory in the world's second-biggest producer of the tropical oil could weigh on benchmark Malaysian futures, which were trading near their highest in nearly four months. Palm oil inventories at the end of July rose 4.02 per cent over the month to 2.11 million tonnes, the highest since December 2023, data from the Malaysian Palm Oil Board (MPOB) showed. Crude palm oil production was up 7.09 per cent in July from June to 1.81 million tonnes, the highest since September last year, while palm oil exports increased by 3.82 per cent to 1.31 million tonnes after a large fall in June, the MPOB said. A Reuters survey had forecast Malaysian inventory at 2.25 million tonnes, with output seen at 1.83 million tonnes and exports at 1.3 million tonnes. Malaysian July exports were capped by aggressive selling at a discount by rival Indonesia, which wanted to ship as much as possible before a higher export duty becomes effective in August, said Tajgir Rahman, general manager, trading and procurement at IFFCO. Exports from Malaysia will rise in August, as Indonesia's move to raise its export tax narrows the discounts that Indonesian shipments had been enjoying over Malaysian supplies, he said. Malaysia's palm oil exports in the first ten days of August rose 23.3 per cent compared to the first ten days of July, cargo surveyor Intertek Testing Services said on Sunday. The rise in palm oil stocks is not burdensome for the market, as production in August is underperforming, while exports are picking up, said Anilkumar Bagani, research head of Mumbai-based vegetable oil broker Sunvin Group. REUTERS
The Star
13 hours ago
- Business
- The Star
Malaysia's palm oil stocks rise to highest in nearly two years
KUALA LUMPUR: Malaysia's palm oil stocks rose for a fifth consecutive month in July to their highest level in almost two years as production growth outpaced exports, data from the industry regulator showed on Monday. The rise in inventory in the world's second-biggest producer of the tropical oil could weigh on benchmark Malaysian futures, which were trading near their highest in nearly four months. Palm oil inventories at the end of July rose 4.02% over the month to 2.11 million metric tons, the highest since December 2023, data from the Malaysian Palm Oil Board (MPOB) showed. Crude palm oil production was up 7.09% in July from June to 1.81 million tons, the highest since September last year, while palm oil exports increased by 3.82% to 1.31 million tons after a large fall in June, the MPOB said. A Reuters survey had forecast Malaysian inventory at 2.25 million tons, with output seen at 1.83 million tons and exports at 1.3 million tons. Malaysian July exports were capped by aggressive selling at a discount by rival Indonesia, which wanted to ship as much as possible before a higher export duty becomes effective in August, said Tajgir Rahman, general manager, trading and procurement at IFFCO. Exports from Malaysia will rise in August, as Indonesia's move to raise its export tax narrows the discounts that Indonesian shipments had been enjoying over Malaysian supplies, he said. Malaysia's palm oil exports in the first ten days of August rose 23.3% compared to the first ten days of July, cargo surveyor Intertek Testing Services said on Sunday. The rise in palm oil stocks is not burdensome for the market, as production in August is underperforming, while exports are picking up, said Anilkumar Bagani, research head of Mumbai-based vegetable oil broker Sunvin Group. - Reuters
Business Recorder
5 days ago
- Business
- Business Recorder
Palm oil falls on sluggish demand
KUALA LUMPUR: Malaysian palm oil futures fell on Wednesday as sluggish demand from key markets pressured prices, although gains in Dalian soyoil helped cap losses. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange slid 23 ringgit, or 0.54%, to 4,267 ringgit ($1,009.46) a metric ton at the close. The contract rose 2.46% on Tuesday. 'Destination demand remains fragmented at the moment, which could result in further downward pressure on palm oil prices going forward,' said Anilkumar Bagani, research head of Mumbai-based vegetable oil broker Sunvin Group. However, a bullish momentum in Dalian soyoil and rapeseed oil due to a slower crush is helping offset some bearish sentiments, thus preventing a larger decline, he said. Dalian's most active soyoil contract rose 1.35%, while its palm oil contract added 0.27%. Soyoil prices on the Chicago Board of Trade were up 0.8%. Palm oil tracks the price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Oil prices climbed, rebounding from a five-week low the previous day, as traders focused on US President Donald Trump threatening India with higher tariffs over its Russian crude purchases and a larger-than-expected US crude draw. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. The ringgit, palm's currency of trade, weakened 0.05% against the dollar, making the commodity slightly cheaper for buyers holding foreign currencies. European Union's soybean imports for the 2025/26 season that began in July had reached 0.97 million metric tons by August 3, down 26% from the same period a year earlier, European Commission data showed. Palm oil imports were at 0.16 million tons, down 56%.
Business Recorder
5 days ago
- Business
- Business Recorder
Palm falls on sluggish demand; gains in Dalian rival oils cap losses
KUALA LUMPUR: Malaysian palm oil futures fell on Wednesday as sluggish demand from key markets pressured prices, although gains in Dalian soyoil helped cap losses. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange slid 23 ringgit, or 0.54%, to 4,267 ringgit ($1,009.46) a metric ton at the close. The contract rose 2.46% on Tuesday. 'Destination demand remains fragmented at the moment, which could result in further downward pressure on palm oil prices going forward,' said Anilkumar Bagani, research head of Mumbai-based vegetable oil broker Sunvin Group. However, a bullish momentum in Dalian soyoil and rapeseed oil due to a slower crush is helping offset some bearish sentiments, thus preventing a larger decline, he said. Dalian's most active soyoil contract rose 1.35%, while its palm oil contract added 0.27%. Soyoil prices on the Chicago Board of Trade were up 0.8%. Palm oil tracks the price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Palm oil slips over concerns of rising output, stocks Oil prices climbed, rebounding from a five-week low the previous day, as traders focused on U.S. President Donald Trump threatening India with higher tariffs over its Russian crude purchases and a larger-than-expected U.S. crude draw. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. The ringgit, palm's currency of trade, weakened 0.05% against the dollar, making the commodity slightly cheaper for buyers holding foreign currencies. European Union's soybean imports for the 2025/26 season that began in July had reached 0.97 million metric tons by August 3, down 26% from the same period a year earlier, European Commission data showed. Palm oil imports were at 0.16 million tons, down 56%.
New Straits Times
6 days ago
- Business
- New Straits Times
Palm slips as weak Chicago soyoil, sluggish demand weigh
KUALA LUMPUR: Malaysian palm oil futures slipped on Wednesday, weighed by weaker Chicago soyoil prices and sluggish demand from key markets, though gains in Dalian soyoil helped limit the losses. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange slid RM41, or 0.96 per cent, to RM4,249 (US$1,005.68) a metric ton at the midday break. The contract rose 2.46 per cent on Tuesday. Crude palm oil futures traded lower as it was pressured by overnight weakness in Chicago soyoil futures, said Anilkumar Bagani, research head of Mumbai-based vegetable oil broker Sunvin Group. "Destination demand also remains fragmented at the moment, which could result in further downward pressure on palm oil prices going forward," Bagani added. However, a bullish momentum in Dalian soyoil and rapeseed oil helped offset some bearish sentiments, thus preventing a larger decline, he added. The MPOB is expected to release its July supply-and-demand data on Aug 11. Dalian's most-active soyoil contract rose 1.4 per cent, while its palm oil contract added 0.4 per cent. Soyoil prices on the Chicago Board of Trade were down 0.09 per cent. Palm oil tracks the price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Oil prices climbed, rebounding from a five-week low hit on the previous day, on concerns of supply disruptions after US President Donald Trump's threats of tariffs on India over its Russian crude purchases. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. The ringgit, palm's currency of trade, remained unchanged against the US dollar. European Union's soybean imports for the 2025/26 season that began in July had reached 0.97 million metric tons by Aug 3, down 26 per cent from the same period a year earlier, European Commission data showed. Palm oil imports were at 0.16 million tons, down 56 per cent.
