Latest news with #Bagani
Business Recorder
02-05-2025
- Business
- Business Recorder
Palm oil rises but firmer ringgit, weak demand caps gains
KUALA LUMPUR: Malaysian palm oil futures inched higher on Friday after three sessions of decline, buoyed by stronger Chicago soyoil and crude oil prices, although gains were capped by a firmer ringgit and weak demand from key markets. The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange was up 0.41% at 3,927 ringgit ($914.53) a metric ton by the midday break. However, the contract has lost 3.6% so far this week. Crude palm oil futures resumed trading after a holiday on a bullish note, following a surge in Chicago soyoil and energy futures overnight and during Asian hours, said Anilkumar Bagani, commodity research head at Mumbai-based brokerage Sunvin Group. However, a stronger ringgit and absence of enthusiastic buying amidst expectations of an increase in Malaysian April palm oil inventories limited the gains, Bagani said. Soyoil prices on the Chicago Board of Trade were up 0.7%. The Dalian Commodity Exchange is closed from May 1 to May 5 for the Labour Day holidays. Palm oil tracks price movements of rival edible oils as it competes for a share of the global vegetable oils market. Malaysian palm oil lower on firmer ringgit Oil prices pulled ahead in early Asian hours after China said its doors are open for talks with the US, raising hopes of a de-escalation in a bitter trade war between the world's two largest economies. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. The ringgit, palm's currency of trade, strengthened 0.53% against the US dollar, making the commodity more expensive for buyers holding foreign currencies.
Business Recorder
23-04-2025
- Business
- Business Recorder
Palm oil rises on bargain buying, stronger ringgit
KUALA LUMPUR: Malaysian palm oil futures rose on Tuesday after six consecutive sessions of losses, supported by bargain buying, but a stronger ringgit and continued economic uncertainty limited the gains. The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange added 57 ringgit, or 1.46%, to 3,967 ringgit ($904.06) a metric ton at the close. Crude palm oil futures were higher due to bargain buying as prices are currently at a discount compared to soyoil, said Anilkumar Bagani, commodity research head at Mumbai-based brokerage Sunvin Group. 'Recovery in energy prices and soyoil along with improved demand from India has helped palm oil prices gain as well,' he said. However, Bagani said that a stronger ringgit and the ongoing global economic uncertainty continued to dampen the gains. Dalian's most-active soyoil contract rose 1.32%, while its palm oil contract added 0.67%. Soyoil prices on the Chicago Board of Trade (CBOT) were up 1.03%. Palm oil tracks the price movements of rival edible oils as it competes for a share of the global vegetable oils market. Oil prices rose as investors took advantage of the previous day's losses to cover short positions, though concerns persist over economic headwinds from tariffs and US monetary policy that could dampen fuel demand. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.
New Straits Times
22-04-2025
- Business
- New Straits Times
Palm up on bargain buying, stronger ringgit; economic uncertainty limits gains
KUALA LUMPUR: Malaysian palm oil futures inched higher on Tuesday, and were set to snap six straight sessions of losses, supported by bargain buying but a stronger ringgit and continued economic uncertainty limited the gains. The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange added 8 ringgit, or 0.2 per cent, to RM3,918 (US$895.5) a metric ton at the midday break. Crude palm oil futures were higher due to bargain buying as prices are currently at a discount compared to soyoil, said Anilkumar Bagani, commodity research head at Mumbai-based brokerage Sunvin Group. "Recovery in energy prices and soyoil along with improved demand from India has helped palm oil prices gain as well," he said. However, Bagani said that a stronger ringgit and the ongoing global economic uncertainty continued to dampen the gains. Dalian's most-active soyoil contract rose 0.65 per cent, while its palm oil contract lost 0.12 per cent. Soyoil prices on the Chicago Board of Trade (CBOT) were up 0.43 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 in early trade as investors took advantage of Monday's losses to cover short positions, although concerns persisted over economic headwinds from tariffs that could dampen fuel demand. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. The ringgit, palm's currency of trade, weakened 0.18 per cent against the dollar, making the commodity slightly cheaper for buyers holding foreign currencies. Indonesia's crude and refined palm oil exports dipped nearly 2 per cent month-on-month in March as local consumption rose due to Ramadan. However, shipments remained at a four-year high in March. Palm oil may fall further into the RM3,782-RM3,818 ringgit per metric ton range, as suggested by a projection analysis, Reuters technical analyst Wang Tao said.
