Latest news with #AnilkumarBagani
Business Recorder
15 hours ago
- Business
- Business Recorder
Palm ends lower on weaker rival edible oils, profit booking
JAKARTA: Malaysian palm oil futures extended losses on Thursday, snapping a two-session rally, as investors booked profits and prices of rival edible oils fell. The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange dropped 44 ringgit, or 1.11%, to 3,904 ringgit ($923.59) a metric ton at the close. 'The palm oil futures were seen trading lower on profit taking, energy prices and weaknesses in related China and US vegetable oil markets,' said Anilkumar Bagani, head of research at Mumbai-based vegetable oil broker Sunvin Group. Dalian's most-active soyoil contract fell 0.18%, while its palm oil contract declined 0.37%. Soyoil prices on the Chicago Board of Trade were down 0.58%. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Oil prices steadied on Thursday after falling more than 1% the previous day because of a build in US gasoline and diesel inventories and cuts to Saudi Arabia's July prices for Asia. Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. Malaysia's palm oil inventories are projected to climb for a third consecutive month in May, driven by a modest recovery in production despite robust export demand, a Reuters survey showed on Wednesday. Palm oil rebounds on anticipation of strong demand India's palm oil imports in May surged to a six-month high, as lower inventories and the tropical oil's discount to rival soyoil and sunflower oils prompted refiners to increase purchases. Independent inspection company AmSpec Agri Malaysia said exports of Malaysian palm oil products for May rose 13.2%, while cargo surveyor Intertek Testing Services saw a 17.9% jump.
New Straits Times
19 hours ago
- Business
- New Straits Times
Palm slips on weaker rival edible oils, profit taking
JAKARTA: Malaysian palm oil futures extended losses on Thursday, snapping a two-session rally, tracking weaker rival edible oils at Chicago and Dalian markets, as well as profit taking actions. The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange lost RM29, or 0.73 per cent, to RM3,919 (US$924.29) a metric ton by the midday break. "The palm oil futures were seen trading lower on profit taking, energy prices and weaknesses in related China and US vegetable oil markets," said Anilkumar Bagani, head of research at Mumbai-based vegetable oil broker Sunvin Group. Dalian's most-active soyoil contract fell 0.29 per cent, while its palm oil contract declined 0.91 per cent. Soyoil prices on the Chicago Board of Trade were down 0.56 per cent. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Oil prices slipped in early trade on Thursday after a build in US gasoline and diesel inventories and Saudi Arabia's cut to its July prices for Asian crude buyers. Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. Malaysia's palm oil inventories are projected to climb for a third consecutive month in May, driven by a modest recovery in production despite robust export demand, a Reuters survey showed on Wednesday. India's palm oil imports in May surged to a six-month high, as lower inventories and the tropical oil's discount to rival soyoil and sunflower oil prompted refiners to increase purchases. Independent inspection company AmSpec Agri Malaysia said exports of Malaysian palm oil products for May rose 13.2 per cent, while cargo surveyor Intertek Testing Services saw a 17.9 per cent jump. Palm oil may break support at RM3,889 per metric ton and fall towards RM3,845, according to Reuters' technical analyst Wang Tao.
Business Recorder
a day ago
- Business
- Business Recorder
Palm oil rebounds on anticipation of strong demand
JAKARTA: Malaysian palm oil futures reversed losses and closed higher on Wednesday after the prospect of stocks rising for the third consecutive month in May pressured the market earlier in the day. The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange gained 16 ringgit, or 0.41%, to 3,950 ringgit ($930.73) a metric ton at the close. 'Palm oil prices seen rebounding in anticipation of a strong demand from India after the import duty reduction last week,' said Anilkumar Bagani, head of research at Mumbai-based vegetable oil broker Sunvin Group. India's palm oil imports in May surged to a six-month high, as lower inventories and the tropical oil's discount to rival soyoil and sunflower oil prompted refiners to increase purchases. Dalian's most-active soyoil contract rose 0.13%, while its palm oil contract declined 0.73%. Soyoil prices on the Chicago Board of Trade gained 0.51%. Palm oil tracks the price movements of rival edible oils as it competes for a share of the global vegetable oils market. Malaysia's palm oil inventories are projected to climb for the third consecutive month in May, driven by a modest recovery in production despite robust export demand, a Reuters survey showed on Wednesday. Independent inspector AmSpec Agri Malaysia estimated exports of Malaysian palm oil products to have risen 13.2% in May, while cargo surveyor Intertek Testing Services projected a 17.9% jump. Oil prices held steady on Wednesday as concerns around the OPEC+ groups' next output increase were offset by Canadian supply pressures due to wildfires there, while global trade tensions continue to linger.
Business Recorder
2 days ago
- Business
- Business Recorder
Palm oil rebounds on anticipation of India's strong demand
JAKARTA: Malaysian palm oil futures reversed losses and closed higher on Wednesday after the prospect of stocks rising for the third consecutive month in May pressured the market earlier in the day. The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange gained 16 ringgit, or 0.41%, to 3,950 ringgit ($930.73) a metric ton at the close. 'Palm oil prices seen rebounding in anticipation of a strong demand from India after the import duty reduction last week,' said Anilkumar Bagani, head of research at Mumbai-based vegetable oil broker Sunvin Group. India's palm oil imports in May surged to a six-month high, as lower inventories and the tropical oil's discount to rival soyoil and sunflower oil prompted refiners to increase purchases. Dalian's most-active soyoil contract rose 0.13%, while its palm oil contract declined 0.73%. Soyoil prices on the Chicago Board of Trade gained 0.51%. Palm oil tracks the price movements of rival edible oils as it competes for a share of the global vegetable oils market. India's May palm oil imports jump to six-month high Malaysia's palm oil inventories are projected to climb for the third consecutive month in May, driven by a modest recovery in production despite robust export demand, a Reuters survey showed on Wednesday. Independent inspector AmSpec Agri Malaysia estimated exports of Malaysian palm oil products to have risen 13.2% in May, while cargo surveyor Intertek Testing Services projected a 17.9% jump. Oil prices held steady on Wednesday as concerns around the OPEC+ groups' next output increase were offset by Canadiansupply pressures due to wildfires there, while global trade tensions continue to linger. Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. The ringgit, palm's currency of trade, strengthened 0.09% against the dollar, making the commodity slightly more expensive for buyers holding foreign currencies.
The Star
13-05-2025
- Business
- The Star
Malaysia palm oil stocks hit 6-month high in April on output surge
Malaysia's palm oil stocks jumped to their highest level in six months in April, as production surged to a decade-high for the month while local consumption dropped, data from the industry regulator showed on Tuesday. The rise in inventory in Malaysia, the world's second-largest palm oil producing country after Indonesia, could weigh on benchmark futures, traders said. Malaysia's palm oil stocks increased for a second consecutive month in April, rising 19.4% from March to 1.87 million metric tons, the highest since October, the Malaysian Palm Oil Board (MPOB) said. Crude palm oil production was up 21.5% in April from March to 1.69 million tons, the highest for the month since 2015. Palm oil exports also rose for a second straight month, rising by 9.6% to 1.1 million tons, the MPOB said. Malaysia's palm oil consumption in April fell to 338,737 tons from 453,046 tons a month ago. A Reuters survey had forecast inventories at 1.79 million tons, with output seen at 1.62 million tons and exports at 1.1 million tons. "The stock buildup is bearish for palm oil, but it currently trades at a discount to competing oils. As long as this discount exists, palm oil will attract demand," said Anilkumar Bagani, research head of Mumbai-based vegetable oil broker Sunvin Group. The market was surprised by the strong rebound in production in April, as nobody expected it to rise above 1.65 million tons, said a Kuala Lumpur-based trader with a palm oil producing company. "We're heading into the peak production months, so we can expect to see higher production in the coming months too," the trader said. Following is a breakdown of the Malaysian Palm Oil Board figures and Reuters estimates for April (volumes in tons): - Reuters
