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New Straits Times
16-05-2025
- Business
- New Straits Times
Palm set for first weekly gain in three as strong export data supports
JAKARTA: Malaysian palm oil futures rose on Friday and were set to post their first weekly gain in three weeks as strong export data supported the contract despite weakness in vegetable oils in the Chicago and Dalian commodity exchanges. The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange gained 6 ringgit or 0.16 per cent to RM3,862 (US$905.30) a metric ton by the midday break. The contract has gained 1.26 per cent for the week. "Good export figure for May 1-15 period lent some support," a Kuala Lumpur-based trader said. Exports of Malaysian palm oil products for May 1 - 15 estimated rose between 6.6 per cent and 14.2 per cent, according to independent inspection company AmSpec Agri Malaysia and cargo surveyor Intertek Testing Services. Dalian's most-active soyoil contract was down 0.84 per cent, while its palm oil contract for June delivery dropped 0.91 per cent. Soyoil prices on the Chicago Board of Trade (CBOT) tumbled 1.7 per cent. Palm oil tracks prices of rival edible oils as it competes for a share of the global vegetable oils market. Oil prices edged up on Friday following a sharp drop in the previous session, heading for a weekly gain of more than 1 per cent as US-China trade optimism outweighed the prospects of Iranian supply returning to the market. Palm oil may slide further into a range of RM3,763 to RM3,804 per metric ton, as it has broken support at RM3,870.
Business Recorder
14-05-2025
- Business
- Business Recorder
Malaysian palm oil surges on stronger soyoils
KUALA LUMPUR: Malaysian palm oil futures extended gains to the third straight session on Tuesday after a long holiday weekend, supported by stronger rival soyoils and a weak ringgit, but rising stocks limited gains. The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange gained 81 ringgit, or 2.07%, to 3,893 ringgit ($901.16) a metric ton at closing. 'Soyoil's premium over palm oil is increasing, exceeding $100 per ton for forward month shipments. This should drive higher demand during peak production months,' said a Mumbai-based trader, adding that rising soyoil prices will support palm oil. The contract rose as much as 3.22% earlier in the session, its biggest daily gain since March 7, as the market in Malaysia reopened after the Vesak holiday on Monday. However, palm futures eased after Malaysian Palm Oil Board data showed palm oil inventories jumped to their highest level in six months in April, as production surged to a decade-high for the month while local consumption dropped. Palm oil exports by the world's second-largest producer likely fell 9% in the May 1-10 period, according to cargo surveyor Intertek Testing Services. Meanwhile, independent inspection company AmSpec Agri Malaysia estimated exports during the same period were up 0.6%. Dalian's most-active soyoil contract was up 0.08%, while its palm oil contract slid 0.03%. Soyoil prices on the Chicago Board of Trade (CBOT) were up 0.02%. Palm oil tracks the prices of rival edible oils as it competes for a share of the global vegetable oils market. The ringgit, palm's currency of trade, weakened 0.61% against the US dollar, making the commodity cheaper for buyers holding foreign currencies.
Business Recorder
13-05-2025
- Business
- Business Recorder
Palm surges on stronger soyoils, weak ringgit
KUALA LUMPUR: Malaysian palm oil futures extended gains to the third straight session on Tuesday after a long holiday weekend, supported by stronger rival soyoils and a weak ringgit, but rising stocks limited gains. The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange gained 81 ringgit, or 2.07%, to 3,893 ringgit ($901.16) a metric ton at closing. 'Soyoil's premium over palm oil is increasing, exceeding $100 per ton for forward month shipments. This should drive higher demand during peak production months,' said a Mumbai-based trader, adding that rising soyoil prices will support palm oil. The contract rose as much as 3.22% earlier in the session, its biggest daily gain since March 7, as the market in Malaysia reopened after the Vesak holiday on Monday. However, palm futures eased after Malaysian Palm Oil Board data showed palm oil inventories jumped to their highest level in six months in April, as production surged to a decade-high for the month while local consumption dropped. Malaysian palm oil gains Palm oil exports by the world's second-largest producer likely fell 9% in the May 1-10 period, according to cargo surveyor Intertek Testing Services. Meanwhile, independent inspection company AmSpec Agri Malaysia estimated exports during the same period were up 0.6%. Dalian's most-active soyoil contract was up 0.08%, while its palm oil contract slid 0.03%. Soyoil prices on the Chicago Board of Trade (CBOT) were up 0.02%. Palm oil tracks the prices of rival edible oils as it competes for a share of the global vegetable oils market. The ringgit, palm's currency of trade, weakened 0.61% against the U.S. dollar, making the commodity cheaper for buyers holding foreign currencies.
