Latest news with #BursaMalaysiaDerivativesExchange
Business Recorder
13 hours ago
- Business
- Business Recorder
Palm rallies for fourth straight week despite output, stock worries
KUALA LUMPUR: Malaysian palm oil futures settled higher on Friday, reversing midday losses to loga fourth consecutive weekly gain, despite concerns over rising production and inventories. The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange gained 14 ringgit, or0.36%, to 3,917 ringgit ($926.88) a metric ton at the close. The contract rose 1.01% this week. Crude palm oil futures had traded lower as concerns over rising output and stock levels in the country continued to weigh on sentiment, said David Ng, a proprietary trader at Kuala Lumpur-based trading firm Iceberg X Sdn Bhd. 'We see support at 3,800 ringgit and resistance at 4,000 ringgit.' Dalian's most-active soyoil contract rose 0.91%, while its palm oil contract gained 0.05%. Soyoil priceson the Chicago Board of Trade (CBOT) were up 1.11%. Palm oil rebounds on anticipation of strong demand Palm oil tracks the price movements of rival edible oils as it competes for a share of the global vegetable oils market. Oil prices slipped but were on track for their first weekly gain in three weeks after U.S. President Donald Trump and Chinese leader Xi Jinping resumed trade talks, raising hopes for growth and stronger demand in the world's two largest economies. Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. The ringgit, palm's currency of trade, strengthened 0.02% against the dollar, making the commodity slightly more expensive for buyers holding foreign currencies.
New Straits Times
21 hours ago
- Business
- New Straits Times
Palm rises on strong rival oils, set for fourth weekly gain
KUALA LUMPUR: Malaysian palm oil futures opened higher on Friday, and were set for a fourth consecutive weekly gain, buoyed by stronger rival edible oils, but weaker crude oil prices capped the rise. The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange added RM34, or 0.87 per cent, to RM3,937 (US$930.73) a metric ton in early trade. The contract has risen 1.11 per cent so far this week. FUNDAMENTALS Dalian's most-active soyoil contract rose 0.89 per cent, while its palm oil contract added 0.79 per cent. Soyoil prices on the Chicago Board of Trade (CBOT) gained 1.41 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 slipped but were on track for their first weekly gain in three weeks after US President Donald Trump and China's Xi Jinping resumed trade talks, raising hopes for growth and stronger demand in the world's two largest economies. Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. The ringgit, palm's currency of trade, weakened 0.07 per cent against the dollar, making the commodity slightly cheaper for buyers holding foreign currencies. Chicago soybean extended its climb to the fourth straight session and was set for a weekly gain on expectations of improved US-China trade ties, fuelled by the phone call between the leaders of the two countries. Asian shares were subdued as investors hunkered down for the all-important US payrolls report, while Tesla suffered huge losses on the very public feud between Trump and billionaire Elon Musk.
Business Recorder
2 days 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
2 days 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
2 days 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.
