Latest news with #EuronextRapeseed
Business Recorder
16-07-2025
- Business
- Business Recorder
Malaysian palm oil up tracking rival soyoil
JAKARTA: Malaysian palm oil futures closed higher on Wednesday after gains in rival soyoil at Dalian and Chicago markets helped it recoup previous session's losses. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange gained 62 ringgit, or 1.49%, to 4,225 ringgit ($996.46) a metric ton at the close. 'The futures opened gap higher today, following a resurgent movement in Chicago soyoil, ICE Canola and in Euronext Rapeseed futures Tuesday overnight and an uptick in Asian hours today for Chicago soyoil and energy prices,' said Anilkumar Bagani, research head at Mumbai-based vegetable oil broker Sunvin Group. Soyoil prices on the Chicago Board of Trade (CBOT) added 0.51%. Dalian's most-active soyoil contract rose 0.37%, while its palm oil contract slipped 0.37%. Palm oil tracks the 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, slightly weakened 0.02% against the dollar, making the commodity cheaper for holders of foreign currencies. Oil prices steadied on Wednesday, as signs of stronger Chinese crude consumption were outweighed by investor caution about the wider economic impact from US tariffs. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. Independent inspection company AmSpec Agri Malaysia estimates exports of Malaysian palm oil products for the July 1-15 period to have fallen 5.3% compared with the June 1-15 period, while cargo surveyor Intertek Testing Services predicts a 6.2% drop.
Business Recorder
16-07-2025
- Business
- Business Recorder
Palm rises on firmer Chicago soyoil, crude, soft ringgit
JAKARTA: Malaysian palm oil futures rose on Wednesday, recouping losses from the previous session, underpinned by gains in rival Chicago soyoil, stronger crude oil prices and a weaker ringgit. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange gained 45 ringgit, or 1.08%, to 4,208 ringgit ($990.58) a metric ton by the midday break. 'The futures opened gap higher today, following a resurgent movement in Chicago soyoil, ICE Canola and in Euronext Rapeseed futures Tuesday overnight and an uptick in Asian hour today for Chicago soyoil and energy prices,' said Anilkumar Bagani, research head of Mumbai-based vegetable oil broker Sunvin Group. Soyoil prices on the Chicago Board of Trade (CBOT) added 0.77%. Dalian's most-active soyoil contract rose 0.4%, while its palm oil contract slightly slipped 0.07%. Palm oil tracks the price movements of rival edible oils as it competes for a share of the global vegetable oils market. Oil prices rose, boosted by expectations of firm summer demand in the world's two largest consumers, the U.S. and China, though gains were capped by analysts' caution about the wider economy. Palm trades lower on profit-taking, market awaits export data 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 cheaper for holders of foreign currencies. Independent inspection company AmSpec Agri Malaysia estimates exports of Malaysian palm oil products for the July 1-15 period to have fallen 5.3% compared with the June 1-15 period, while cargo surveyor Intertek Testing Services predicts a 6.2% drop. Palm oil may retest resistance at 4,231 ringgit per metric ton, a break above which could lead to a gain into the 4,254-4,292 ringgit range, Reuters technical analyst Wang Tao said.
