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New Straits Times
38 minutes ago
- Business
- New Straits Times
Palm falls on weak rival edible oils, rising output, sluggish demand
KUALA LUMPUR: Malaysian palm oil futures slipped on Thursday, snapping two straight sessions of gains, weighed by rival edible oils while concerns over rising production and sluggish export demand added further pressure on prices. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange slid RM28 ringgit, or 0.65 per cent, to RM4,250 (US$1,000) a metric ton at the midday break. Crude palm oil futures traded lower tracking weakness in the Chicago soybean oil and Dalian palm olein market during Asian hours, said David Ng, a proprietary trader at Kuala Lumpur-based trading firm Iceberg X Sdn Bhd. "The persistent concern over rising output and weak export also added pressure on the market," he said. Cargo surveyors will release their July export estimates later in the day. Dalian's most-active soyoil contract fell 0.61 per cent, while its palm oil contract lost 0.51 per cent. Soyoil prices on the Chicago Board of Trade were down 0.82 per cent. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. At 0545 GMT, the benchmark Brent crude was down 0.33 per cent at US$73 per barrel. Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. The ringgit, palm's currency of trade, weakened 0.35 per cent against the dollar, making the commodity cheaper for buyers holding foreign currencies. Malaysian palm oil exports to the United States during January-May rose 51.8 per cent from a year earlier to 93,000 metric tons, the Plantation and Commodities Ministry said.
Business Recorder
3 days ago
- Business
- Business Recorder
Palm extends losses on weak rival oils, concerns over rising output, stocks
KUALA LUMPUR: Malaysian palm oil futures traded lower for a second session on Monday, weighed down by weak rival edible oils, while concerns over rising output and inventory levels also pressured prices. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange slid 34 ringgit, or 0.8%, to 4,239 ringgit ($1,002.60) a metric ton at the close. Crude palm oil traded lower due to weakness in the Dalian and the soyoil market during Asian hours, said David Ng, a proprietary trader at Kuala Lumpur-based trading firm Iceberg X Sdn Bhd. 'Rising production and stock levels could be seen as weighing down on market sentiment as well,' he said. Dalian's most-active soyoil contract fell 0.49%, while its palm oil contract shed 0.42%. Soyoil prices on the Chicago Board of Trade (CBOT) lost 0.29%. Palm oil tracks the price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Palm snaps three-week rally on profit-taking, output concerns Oil prices edged higher as investors assessed a trade deal between the United States and the European Union, while a stronger U.S. dollar and lower oil imports by India weighed on prices. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. Cargo surveyors estimated exports of Malaysian palm oil products for July 1-25 to have fallen between 9.2% and 15.2% from a month earlier. The ringgit, palm's currency of trade, weakened 0.24 against the U.S. dollar, making the commodity slightly cheaper for buyers holding foreign currencies.
Business Recorder
3 days ago
- Business
- Business Recorder
Palm slides on weak rival oils, concerns over rising output, stocks
KUALA LUMPUR: Malaysian palm oil futures extended losses to a second session on Monday, tracking weak rival edible oils, while concerns over rising output and inventory levels also pressured prices. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange slid 31 ringgit, or 0.73%, to 4,242 ringgit ($1,005.69) a metric ton at the midday break. Crude palm oil traded lower due to weakness in the Dalian and the soyoil market during Asian hours, said David Ng, a proprietary trader at Kuala Lumpur-based trading firm Iceberg X Sdn Bhd. 'Rising production and stock levels could be seen as weighing down on market sentiment as well,' he said. Dalian's most-active soyoil contract fell 0.61%, while its palm oil contract shed 0.89%. Soyoil prices on the Chicago Board of Trade (CBOT) lost 0.32%. Palm oil tracks the price movements of rival edible oils, as they compete for a share of the global vegetable oils market. Meanwhile, oil prices rose after the U.S. reached a deal with the European Union and may extend a tariff pause with China, easing concerns that potentially higher levies would limit economic activity and impact fuel demand. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. Cargo surveyors estimated exports of Malaysian palm oil products for July 1-25 to have fallen between 9.2% and 15.2% from a month earlier. The ringgit, palm's currency of trade, remained unchanged against the U.S dollar. Palm oil may test support at 4,211 ringgit per metric ton, a break below which could open the way towards 4,161 ringgit, Reuters technical analyst Wang Tao said.
Business Recorder
22-07-2025
- Business
- Business Recorder
Malaysian palm oil lower on weak soyoil
KUALA LUMPUR: Malaysian palm oil futures closed down on Monday, reversing the previous session's gains, as softer soyoil prices and weaker export data pressured the market. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange slid 89 ringgit, or 2.06%, to 4,226 ringgit ($998.35) a metric ton at the close. Crude palm oil futures traded lower due to weaker soybean oil prices and also declining exports, said David Ng, a proprietary trader at Kuala Lumpur-based trading firm Iceberg X Sdn Bhd. Dalian's most-active soyoil contract fell 0.47%, while its palm oil contract climbed 0.16%. Soyoil prices on the Chicago Board of Trade were down 0.79%. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Cargo surveyors estimated that exports of Malaysian palm oil products for July 1-20 fell between 3.5% and 7.3% from a month earlier. The ringgit, palm's currency of trade, strengthened 0.26% against the dollar, making the commodity more expensive for buyers holding foreign currencies. Oil prices dipped slightly, with the latest European sanctions on Russian oil expected to have minimal impact on supplies while US tariffs ensure demand concerns remain.
Business Recorder
21-07-2025
- Business
- Business Recorder
Palm ends lower on weak soyoil, poor export data
KUALA LUMPUR: Malaysian palm oil futures closed down on Monday, reversing the previous session's gains, as softer soyoil prices and weaker export data pressured the market. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange slid 89 ringgit, or 2.06%, to 4,226 ringgit ($998.35) a metric ton at the close. Crude palm oil futures traded lower due to weaker soybean oil prices and also declining exports, said David Ng, a proprietary trader at Kuala Lumpur-based trading firm Iceberg X Sdn Bhd. Dalian's most-active soyoil contract fell 0.47%, while its palm oil contract climbed 0.16%. Soyoil prices on the Chicago Board of Trade were down 0.79%. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Palm oil makes more than 3% weekly gain for highest close in 14 weeks Cargo surveyors estimated that exports of Malaysian palm oil products for July 1-20 fell between 3.5% and 7.3% from a month earlier. The ringgit, palm's currency of trade, strengthened 0.26% against the dollar, making the commodity more expensive for buyers holding foreign currencies. Oil prices dipped slightly, with the latest European sanctions on Russian oil expected to have minimal impact on supplies while U.S. tariffs ensure demand concerns remain. Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.
