Latest news with #DarrenLim
Business Recorder
6 days ago
- Business
- Business Recorder
Malaysian palm oil gains as Dalian oils firm
JAKARTA: Malaysian palm oil futures closed higher on Tuesday, tracking stronger Dalian's edible oil market and India's reduction in basic import tax on crude edible oils. The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange gained 56 ringgit, or 1.44%, to 3,934 ringgit ($927.83) a metric ton at the close. 'Palm oil futures are drawing strength from the Chinese edible oil market and supported by improved demand prospects after India, the world's largest palm oil importer, announced a reduction in import duties on crude edible oils,' said Darren Lim, commodities strategist at Singapore-based brokerage Phillip Nova. India halved the basic import tax on crude edible oils to 10% on Friday, as it tries to bring down food prices and help the local refining industry. 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, according to five dealers. Dalian's most-active soyoil contract rose 0.39%, while its palm oil contract gained 1.24%. Soyoil prices on the Chicago Board of Trade were down 0.37%. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Independent inspection company AmSpec Agri Malaysia said exports of Malaysian palm oil products for May rose 13.2%, while according to cargo surveyor Intertek Testing Services, it rose 17.9%. Indonesia exported 6.41 million metric tons of crude and refined palm oil in the January to April period, down 5.37% on a yearly basis, data from the statistics bureau showed on Monday. Oil prices ticked up on Tuesday, supported by rising geopolitical tensions, as Russia and Ukraine ramped up the war and Iran was set to reject a US nuclear deal proposal that would be key to easing sanctions on the major oil producer. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.
Business Recorder
7 days ago
- Business
- Business Recorder
Palm rises as Dalian oils firm, India cuts import duty on crude edible oils
JAKARTA: Malaysian palm oil futures rose on Tuesday, tracking stronger Dalian's edible oil market and India's reduction in basic import tax on crude edible oils. The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange gained 89 ringgit, or 2.29%, to 3,967 ringgit ($934.07) a metric ton by the midday break. 'Palm oil futures are drawing strength from the Chinese edible oil market and supported by improved demand prospects after India, the world's largest palm oil importer, announced a reduction in import duties on crude edible oils,' said Darren Lim, commodities strategist at Singapore-based brokerage Phillip Nova. India halved the basic import tax on crude edible oils to 10% on Friday, as it tries to bring down food prices and help the local refining industry. Additionally, a recent uptick in crude oil prices has enhanced palm's appeal as a biofuel feedstock, contributing to bullish sentiment, Lim said. Dalian's most-active soyoil contract rose 0.52%, while its palm oil contract gained 1.53%. Soyoil prices on the Chicago Board of Trade were up 0.3%. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Indonesia Jan-April palm oil exports at 6.41m metric tons Independent inspection company AmSpec Agri Malaysia said exports of Malaysian palm oil products for May rose 13.2%, while according to cargo surveyor Intertek Testing Services it rose 17.9%. Indonesia exported 6.41 million metric tons of crude and refined palm oil in the January to April period, down 5.37% on a yearly basis, data from the statistics bureau showed on Monday. Oil prices ticked up on concerns about supply, with Iran set to reject a U.S. nuclear deal proposal that would be key to easing sanctions on the major oil producer, while weakness in the dollar also supported prices. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. Palm oil looks neutral in a narrow range of 3,860 ringgit to 3,886 ringgit per metric ton, and an escape could suggest a direction, Reuters technical analyst Wang Tao said.
Business Recorder
05-05-2025
- Business
- Business Recorder
Malaysian palm oil falls on firmer ringgit, weak crude, Chicago soyoil
JAKARTA: Malaysian palm oil futures extended losses on Monday, continuing their decline for the fifth straight session, pressured by ringgit's persistent strength and weaker Chicago soyoil and crude. The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange lost 54 ringgit, or 1.39%, to 3,827 ringgit ($912.28) a metric ton at the close. 'The strengthening of ringgit is eroding the export competitiveness of Malaysian palm oil, putting immediate pressure on prices,' said Darren Lim, commodities strategist at Singapore-based brokerage Phillip Nova. 'At the same time, market sentiment is weighed down by expectations of a seasonal rise in production and inventories in the coming months.' The continued weakness in crude oil further dampened the appeal of palm and other vegetable oils as biodiesel feedstocks, Lim said, adding that these factors were creating a bearish undertone in the market. Malaysia's palm oil inventories are estimated to rise for the second consecutive month in April, as the industry approaches peak production season, with the second half of the year expected to bring in significant output increases, a Reuters survey showed. Oil prices fell more than 2% on Monday after OPEC+ decided over the weekend to further speed up oil output hikes, spurring concerns about more supply coming into a market clouded by an uncertain demand outlook. Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. The ringgit, palm's currency of trade, strengthened 1.48% against the US dollar, making the commodity more expensive for buyers holding foreign currencies. Soyoil on the Chicago Board of Trade slipped 1.15%. The Dalian Commodity Exchange is closed from May 1 to May 5 for the Labour Day holidays. Palm oil tracks prices of rival edible oils as it competes for a share of the global vegetable oils market.
Business Recorder
05-05-2025
- Business
- Business Recorder
Palm falls on firmer ringgit, weak crude, Chicago soyoil
JAKARTA: Malaysian palm oil futures extended losses on Monday, continuing their decline for the fifth straight session, pressured by ringgit's persistent strength and weaker Chicago soyoil and crude. The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange lost 54 ringgit, or 1.39%, to 3,827 ringgit ($912.28) a metric ton at the close. 'The strengthening of ringgit is eroding the export competitiveness of Malaysian palm oil, putting immediate pressure on prices,' said Darren Lim, commodities strategist at Singapore-based brokerage Phillip Nova. 'At the same time, market sentiment is weighed down by expectations of a seasonal rise in production and inventories in the coming months.' The continued weakness in crude oil further dampened the appeal of palm and other vegetable oils as biodiesel feedstocks, Lim said, adding that these factors were creating a bearish undertone in the market. Malaysia's palm oil inventories are estimated to rise for the second consecutive month in April, as the industry approaches peak production season, with the second half of the year expected to bring in significant output increases, a Reuters survey showed. India's April palm oil imports drop, remain below normal levels Oil prices fell more than 2% on Monday after OPEC+ decided over the weekend to further speed up oil output hikes, spurring concerns about more supply coming into a market clouded by an uncertain demand outlook. Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. The ringgit, palm's currency of trade, strengthened 1.48% against the U.S. dollar, making the commodity more expensive for buyers holding foreign currencies. Soyoil on the Chicago Board of Trade slipped 1.15%. The Dalian Commodity Exchange is closed from May 1 to May 5 for the Labour Day holidays. Palm oil tracks prices of rival edible oils as it competes for a share of the global vegetable oils market.
Business Recorder
05-05-2025
- Business
- Business Recorder
Palm slips on firmer ringgit, weak crude, Chicago soyoil
JAKARTA: Malaysian palm oil futures fell on Monday, continuing their decline for the fifth straight session, pressured by ringgit's persistent strength and weaker Chicago soyoil and crude. The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange lost 93 ringgit, or 2.4%, to 3,788 ringgit ($902.33) a metric ton by the midday break. 'The strengthening of ringgit is eroding the export competitiveness of Malaysian palm oil, putting immediate pressure on prices,' said Darren Lim, commodities strategist at Singapore-based brokerage Phillip Nova. 'At the same time, market sentiment is weighed down by expectations of a seasonal rise in production and inventories in the coming months.' The continued weakness in crude oil further dampened the appeal of palm and other vegetable oils as biodiesel feedstocks, Lim said, adding that these factors were creating a bearish undertone in the market. Malaysia's palm oil inventories are estimated to rise for the second consecutive month in April, as the industry approaches peak production season, with the second half of the year expected to bring in significant output increases, a Reuters survey showed. Oil prices fell more than $2 a barrel in early Asian trade after OPEC+'s plan to further accelerate oil output hikes, spurring concerns about more supply. Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. The ringgit, palm's currency of trade, strengthened 1.41% against the US dollar, making the commodity more expensive for buyers holding foreign currencies. India's April palm oil imports drop, remain below normal levels Soyoil on the Chicago Board of Trade slipped 2.14%. The Dalian Commodity Exchange is closed from May 1 to May 5 for the Labour Day holidays. Palm oil tracks prices of rival edible oils as it competes for a share of the global vegetable oils market. Palm oil may bounce to 3,951 ringgit per metric ton, as the market may have stabilized around 3,828 ringgit, according to Reuters' technical analyst Wang Tao.
