Latest news with #IcebergXSdnBhd
Business Recorder
4 days ago
- Business
- Business Recorder
Palm rallies for fourth straight week despite output, stock worries
KUALA LUMPUR: Malaysian palm oil futures settled higher on Friday, reversing midday losses to loga fourth consecutive weekly gain, despite concerns over rising production and inventories. The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange gained 14 ringgit, or0.36%, to 3,917 ringgit ($926.88) a metric ton at the close. The contract rose 1.01% this week. Crude palm oil futures had traded lower as concerns over rising output and stock levels in the country continued to weigh on sentiment, said David Ng, a proprietary trader at Kuala Lumpur-based trading firm Iceberg X Sdn Bhd. 'We see support at 3,800 ringgit and resistance at 4,000 ringgit.' Dalian's most-active soyoil contract rose 0.91%, while its palm oil contract gained 0.05%. Soyoil priceson the Chicago Board of Trade (CBOT) were up 1.11%. Palm oil rebounds on anticipation of strong demand Palm oil tracks the price movements of rival edible oils as it competes for a share of the global vegetable oils market. Oil prices slipped but were on track for their first weekly gain in three weeks after U.S. President Donald Trump and Chinese leader Xi Jinping resumed trade talks, raising hopes for growth and stronger demand in the world's two largest economies. Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. The ringgit, palm's currency of trade, strengthened 0.02% against the dollar, making the commodity slightly more expensive for buyers holding foreign currencies.
Business Recorder
30-05-2025
- 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
30-05-2025
- 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.
Business Recorder
26-05-2025
- Business
- Business Recorder
Malaysian palm oil futures range-bound on weaker soyoil
KUALA LUMPUR: Malaysian palm oil futures traded in a tight range on Monday, hit by weaker soyoil prices and concerns over rising production and inventory levels, while stronger crude oil prices offered some support. The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange rose 2 ringgit, or 0.05%, to 3,829 ringgit ($908.42) a metric ton at the close. Crude palm oil futures were down due to concerns over rising output and stock levels in the coming weeks, while weakness in the soybean oil market also weighed on prices, said David Ng, a proprietary trader at Kuala Lumpur-based trading firm Iceberg X Sdn Bhd. Dalian's most-active soyoil contract fell 1.08%, while its palm oil contract shed 0.97%. The Chicago Board of Trade (CBOT) is closed for a holiday. 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, strengthened 0.31% against the dollar, making the commodity more expensive for buyers holding foreign currencies. Oil prices rose after US President Donald Trump extended a deadline for trade talks with the European Union, easing concerns about US tariffs on the bloc that could hit fuel demand. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.
Business Recorder
26-05-2025
- Business
- Business Recorder
Palm rangebound on weaker soyoil, concerns over rising output, stock levels
KUALA LUMPUR: Malaysian palm oil futures traded in a tight range on Monday, hit by weaker soyoil prices and concerns over rising production and inventory levels, while stronger crude oil prices offered some support. The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange rose 2 ringgit, or 0.05%, to 3,829 ringgit ($908.42) a metric ton at the close. Crude palm oil futures were down due to concerns over rising output and stock levels in the coming weeks, while weakness in the soybean oil market also weighed on prices, said David Ng, a proprietary trader at Kuala Lumpur-based trading firm Iceberg X Sdn Bhd. Dalian's most-active soyoil contract fell 1.08%, while its palm oil contract shed 0.97%. The Chicago Board of Trade (CBOT) is closed for a holiday. Palm oil tracks the price movements of rival edible oils as it competes for a share of the global vegetable oils market. Malaysian palm oil gains The ringgit, palm's currency of trade, strengthened 0.31% against the dollar, making the commodity more expensive for buyers holding foreign currencies. Oil prices rose after U.S. President Donald Trump extended a deadline for trade talks with the European Union, easing concerns about U.S. tariffs on the bloc that could hit fuel demand. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.
