Latest news with #DavidNg
Barnama
3 days ago
- Business
- Barnama
CPO FUTURES SLIP ON WEAK SOYBEAN OIL, SNAPPING 5-DAY RALLY
WORLD By Siti Noor Afera Abu KUALA LUMPUR, May 30 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives snapped its five-day rally to close lower on Friday, dragged down by weakness in the soybean oil market, said palm oil trader David Ng. He noted that key support and resistance levels are seen at RM3,800 and RM4,000 per tonne respectively. Meanwhile, Fastmarkets Palm Oil Analytics senior analyst Dr Sathia Varqa said CPO futures close lower as traders booked their profits ahead of the long weekend. At the close, the spot month June 2025 contract lost RM41 to RM3,888 per tonne, July 2025 decreased by RM51 to RM3,491 per tonne, and August 2025 went down RM54 to RM3,878 per tonne. September 2025 was RM51 lower at RM3,870 per tonne, October 2025 slid by RM49 to RM3,870 per tonne, and November 2025 eased RM46 to RM3,874 per tonne. Trading volume fell to 59,698 lots from 69,553 lots yesterday, while open interest narrowed to 241,994 contracts from 244,448 contracts previously. The physical CPO price for June South fell by RM30 to RM3,930 per tonne. Bursa Malaysia Bhd and its subsidiaries will be closed on June 2 in conjunction with the official birthday of His Majesty Sultan Ibrahim, King of Malaysia and would resume operations on June 3 (Tuesday).
Business Recorder
3 days ago
- Business
- Business Recorder
Palm logs third weekly gain despite Chicago soyoil drag
KUALA LUMPUR: Malaysian palm oil futures logged a third straight weekly gain, though the market retreated on Friday as it was weighed down by weaker rival Chicago soyoil. The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange slid 54 ringgit, or 1.37%, to 3,878 ringgit ($911.83) a metric ton at the close. The contract gained 1.33% this week. Crude palm oil futures traded lower tracking weakness in the Chicago soybean oil market, said David Ng, a proprietary trader at Kuala Lumpur-based trading firm Iceberg X Sdn Bhd. 'We identify support at 3,800 ringgit and resistance at 3,950 ringgit,' he said. Dalian's most-active soyoil contract fell 0.86%, while its palm oil contract lost 0.89%. Soyoil prices on the Chicago Board of Trade were down 1.74%. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Palm edge higher despite expectations of higher output, stock levels Oil prices were stable on Friday, but on track for a second consecutive weekly decline, pressured by expectations of another OPEC+ output hike and uncertainty about U.S. tariffs after the latest legal twist kept them in place. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. The ringgit, palm's currency of trade, weakened 0.31% against the U.S dollar, making the commodity cheaper for buyers holding foreign currencies.
New Straits Times
3 days ago
- Business
- New Straits Times
Palm slips on weaker Chicago soyoil but still set for weekly gain
KUALA LUMPUR: Malaysian palm oil futures fell on Friday, snapping a five-session rally, pressured by weaker rival Chicago soyoil, although the market remained on track for a weekly gain. The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange slid RM72, or 1.83 per cent, to RM3,860 (US$910.38) a metric ton at the midday break. The contract has gained 1.99 per cent so far this week. Crude palm oil futures traded lower tracking weakness in the Chicago soybean oil market, said David Ng, a proprietary trader at Kuala Lumpur-based trading firm Iceberg X Sdn Bhd. "We identify support at RM3,800 and resistance at RM3,950," he said. Dalian's most-active soyoil contract fell 0.93 per cent, while its palm oil contract lost 1.16 per cent. Soyoil prices on the Chicago Board of Trade were down 2.91 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 were on track for a second consecutive weekly decline, weighed down by expectations of another OPEC+ output hike in July and fresh uncertainty after the latest legal twist kept US President Donald Trump's tariffs in place. Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. The ringgit, palm's currency of trade, remained unchanged against the US dollar. Palm oil may retrace to RM3,886 per ton, as it has broken support at RM3,912, Reuters technical analyst Wang Tao said.
Barnama
5 days ago
- Business
- Barnama
CPO Futures Close Higher On Strong Exports, Firm Soybean Oil Prices
Palm oil trader David Ng said that firm soybean oil prices also contributed to the upward movement in CPO prices. KUALA LUMPUR, May 28 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended higher today, supported by stronger export performance. 'We see support at RM3,800 per tonne and resistance at RM4,000 per tonne,' he told Bernama. At the close, the spot month June 2025 contract rose by RM32 to RM3,899 per tonne, July 2025 increased by RM33 to RM3,908 per tonne, and August 2025 went up RM31 to RM3,899 per tonne. September 2025 was RM28 higher to RM3,890 per tonne, October 2025 gained RM24 to RM3,889 per tonne, and November 2025 rose by RM27 to RM3,893 per tonne.
Barnama
6 days ago
- Business
- Barnama
CPO Futures Extend Gains, Lifted By Stronger Soybean Oil Prices
WORLD By Siti Noor Afera Abu KUALA LUMPUR, May 27 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives continued its upward trend to close higher today, as market sentiments were boosted by the rise in soybean oil prices on the Chicago Board of Trade. Palm oil trader David Ng said expectations of increased demand for CPO from China and other markets also contributed to the rise in prices. 'We see support at RM3,800 per tonne and resistance at RM4,000 per tonne,' he told Bernama. At the close, the spot month June 2025 contract rose by RM32 to RM3,867 per tonne, July 2025 increased by RM32 to RM3,875 per tonne, and August 2025 went up RM35 to RM3,868 per tonne. September 2025 advanced by RM37 to RM3,862 per tonne, October 2025 gained RM36 to RM3,865 per tonne, and November 2025 rose by RM33 to RM3,866 per tonne. Trading volume widened to 49,593 lots from 34,817 yesterday, while open interest was slightly lower at 243,185 contracts from 243,913 contracts previously. The physical CPO price for June South was increased by RM30 to RM3,900 per tonne. -- BERNAMA
