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Malaysian palm oil up on rival Dalian oils
Malaysian palm oil up on rival Dalian oils

Business Recorder

time4 hours ago

  • Business
  • Business Recorder

Malaysian palm oil up on rival Dalian oils

KUALA LUMPUR: Malaysian palm oil futures ticked up on Wednesday for a second straight session, supported by gains in rival Dalian oils and a weaker ringgit, which boosted the commodity's appeal in key export markets. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange gained 23 ringgit, or 0.54%, to 4,277 ringgit ($1,009.92) a metric ton at the close. Crude palm oil futures traded higher, driven by bullish signals, including the overnight surge in Chicago soyoil and energy futures and strong Chinese vegetable oil futures during Asian hours, said Anilkumar Bagani, research head at Sunvin Group. 'The weakening ringgit also enhanced export competitiveness for ringgit-denominated CPO contracts,' he added. However, Bagani said China's increased exports of competitively priced soybean oil to India pose a substitution risk, which could weigh on regional palm oil demand. Indian importers bought a record 150,000 metric tons of soyoil from China in rare purchases, as a supply glut prompted Chinese crushers to offer a discount to India's South American suppliers. Dalian's most-active soyoil contract rose 0.81%, while its palm oil contract added 0.63%. Soyoil prices on the Chicago Board of Trade were down 0.62%. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. The ringgit, palm's currency of trade, weakened 0.09% against the US dollar, making the commodity slightly cheaper for buyers holding foreign currencies. Oil prices dipped slightly as investors awaited developments on US President Donald Trump's tighter deadline for Russia to end the war in Ukraine and his tariff threats to countries that trade its oil. Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.

Palm oil edges up on higher rival Dalian oils, weak ringgit
Palm oil edges up on higher rival Dalian oils, weak ringgit

Business Recorder

time17 hours ago

  • Business
  • Business Recorder

Palm oil edges up on higher rival Dalian oils, weak ringgit

KUALA LUMPUR: Malaysian palm oil futures ticked up on Wednesday for a second straight session, supported by gains in rival Dalian oils and a weaker ringgit, which boosted the commodity's appeal in key export markets. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange gained 23 ringgit, or 0.54%, to 4,277 ringgit ($1,009.92) a metric ton at the close. Crude palm oil futures traded higher, driven by bullish signals, including the overnight surge in Chicago soyoil and energy futures and strong Chinese vegetable oil futures during Asian hours, said Anilkumar Bagani, research head at Sunvin Group. 'The weakening ringgit also enhanced export competitiveness for ringgit-denominated CPO contracts,' he added. However, Bagani said China's increased exports of competitively priced soybean oil to India pose a substitution risk, which could weigh on regional palm oil demand. Indian importers bought a record 150,000 metric tons of soyoil from China in rare purchases, as a supply glut prompted Chinese crushers to offer a discount to India's South American suppliers. Palm extends losses on weak rival oils, concerns over rising output, stocks Dalian's most-active soyoil contract rose 0.81%, while its palm oil contract added 0.63%. Soyoil prices on the Chicago Board of Trade were down 0.62%. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. The ringgit, palm's currency of trade, weakened 0.09% against the U.S. dollar, making the commodity slightly cheaper for buyers holding foreign currencies. Oil prices dipped slightly as investors awaited developments on U.S. President Donald Trump's tighter deadline for Russia to end the war in Ukraine and his tariff threats to countries that trade its oil. Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.

Palm opens higher on strong Dalian oils, crude oil prices
Palm opens higher on strong Dalian oils, crude oil prices

Business Recorder

timea day ago

  • Business
  • Business Recorder

Palm opens higher on strong Dalian oils, crude oil prices

KUALA LUMPUR: Malaysian palm oil futures inched higher on Wednesday, tracking stronger rival Dalian oils and crude oil prices, though weaker Chicago soyoil capped the gains. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange gained 17 ringgit, or 0.4%, to 4,271 ringgit ($1,008.98) a metric ton in early trade. The contract rose 0.28% in the previous session.

Palm opens higher on strong Dalian oils, crude oil prices
Palm opens higher on strong Dalian oils, crude oil prices

New Straits Times

timea day ago

  • Business
  • New Straits Times

Palm opens higher on strong Dalian oils, crude oil prices

KUALA LUMPUR: Malaysian palm oil futures inched higher on Wednesday, tracking stronger rival Dalian oils and crude oil prices, though weaker Chicago soyoil capped the gains. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange gained 17 ringgit, or 0.4 per cent, to 4,271 ringgit (US$1,008.98) a metric ton in early trade. The contract rose 0.28 per cent in the previous session. Dalian's most-active soyoil contract rose 0.83 per cent, while its palm oil contract added 0.52 per cent. Soyoil prices on the Chicago Board of Trade were down 0.19 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 ticked up in early trading after rising more than 3 per cent in the previous session as potential supply shortages came into focus after US President Donald Trump gave Moscow an abbreviated deadline toward ending the war in Ukraine. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. European Union soybean imports for the 2025/26 season that began in July reached 736,447 million metric tons by July 27, down 37 per cent from the same period a year earlier while palm oil imports fell by 53 per cent to 118,863 million tons, the European Commission data showed. Indian importers have bought a record 150,000 metric tons of soyoil from China in rare purchases, as a supply glut prompted Chinese crushers to sell at a discount to India's traditional suppliers from South America, four trade sources said. The ringgit, palm's currency of trade, weakened 0.05 per cent against the dollar, making the commodity slightly cheaper for buyers holding foreign currencies. Asian stocks rose modestly on Wednesday, with investors cautious after trade talks between the US and China ended without any substantive agreement and ahead of the Federal Reserve's policy announcement.

Palm edges higher on bargain buying, short covering
Palm edges higher on bargain buying, short covering

Business Recorder

timea day ago

  • Business
  • Business Recorder

Palm edges higher on bargain buying, short covering

KUALA LUMPUR: Malaysian palm oil futures closed higher on Tuesday, snapping two sessions of losses, as bargain buyers emerged and short-covering activity provided additional support. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange rose 12 ringgit, or 0.28%, to 4,254 ringgit ($1,005.44) a metric ton at the close. Bargain buyers lifted crude palm oil futures prices to positive territory at the session's close, a Kuala Lumpur-based trader said. 'It could be that some short coverings are pushing up the market,' the trader added. Dalian's most-active soyoil contract rose 1.38%, while its palm oil contract rose 0.61%. Soyoil prices on the Chicago Board of Trade were down 0.11%. Palm oil tracks the price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Oil prices edged up on optimism that a trade war between the United States and its major trading partners was abating and as President Donald Trump ramped up pressure on Russia over its war in Ukraine. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. The ringgit, palm's currency of trade, weakened 0.07% against the dollar, making the commodity slightly cheaper for buyers holding foreign currencies.

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