Latest news with #BursaMalaysiaDerivativesExchange
Business Recorder
4 hours 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.
New Straits Times
6 hours 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.
Business Recorder
12 hours 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.
Business Recorder
a day ago
- Business
- Business Recorder
Palm climbs on bargain buying, short covering
KUALA LUMPUR: Malaysian palm oil futures inched higher on Tuesday, reversing earlier 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 20 ringgit, or 0.47%, to 4,262 ringgit ($1,005.90) a metric ton at the midday break. The contract fell in the last two sessions. 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 1.4%, while its palm oil contract rose 0.76%. Soyoil prices on the Chicago Board of Trade were down 0.18%. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Palm extends losses on weak rival oils, concerns over rising output, stocks Oil extended gains, lifted by hopes of improved economic activity after the U.S.-EU trade deal, a potential U.S.-China tariff truce and President Donald Trump's shorter deadline for Russia to end the Ukraine war. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. The ringgit, palm's currency of trade, weakened 0.21% against the dollar, making the commodity slightly cheaper for buyers holding foreign currencies. Palm oil may fall to 4,161 ringgit per ton, as it has pierced below support at 4,211 ringgit, Reuters technical analyst Wang Tao said.
New Straits Times
a day ago
- Business
- New Straits Times
Palm follows Dalian palm olein, Chicago soyoil lower
KUALA LUMPUR: Malaysian palm oil futures fell for a third consecutive session on Tuesday, weighed down by weaker Dalian palm olein and Chicago soyoil, although gains in crude oil prices limited the decline. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange slid RM19, or 0.45 per cent, to RM4,223 (US$997.87) a metric ton in early trade. Dalian's most-active soyoil contract rose 0.05 per cent, while its palm oil contract shed 0.56 per cent. Soyoil prices on the Chicago Board of Trade were down 0.54 per cent. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Oil extended gains, lifted by hopes of improved economic activity after the US-EU trade deal, a potential US-China tariff truce and President Donald Trump's shorter deadline for Russia to end the Ukraine war. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. The ringgit, palm's currency of trade, weakened 0.09 per cent against the dollar, making the commodity slightly cheaper for buyers holding foreign currencies. Palm oil may fall to RM4,161 per ton, as it has pierced below support at RM4,211, Reuters technical analyst Wang Tao said. Asia shares eased while the euro nursed its losses as investors pondered the downside of the US-EU trade deal and the reality that punishing tariffs were here to stay, with unwelcome implications for growth and inflation.
