Latest news with #ParamalingamSupramaniam
Business Recorder
2 days ago
- Business
- Business Recorder
Palm snaps two-week losing streak on demand hopes
KUALA LUMPUR: Malaysian palm oil futures rose on Friday, snapping a two-week losing streak, supported by expectations of stronger demand from key markets in August. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange gained 14 ringgit, or 0.33%, to 4,254 ringgit ($1,004.49) a metric ton at the close. The contract rose 0.21% this week. Some demand looks to be returning in August for both crude palm oil and refined products, said Paramalingam Supramaniam, director at brokerage Pelindung Bestari. 'Overall, I believe demand in August should be a bit higher than July,' he said. Cargo surveyors are expected to release their August 1-10 export estimates on Monday. Dalian's most active soyoil contract fell 0.31%, while its palm oil contract shed 0.09%. Soyoil prices on the Chicago Board of Trade were down 0.45%. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Palm oil falls on sluggish demand Oil prices were stable but poised for the steepest weekly losses since late June on a tariff-hit economic outlook and a potential meeting between U.S. President Donald Trump and Russian counterpart Vladimir Putin. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. The ringgit, palm's currency of trade, weakened 0.12% against the dollar, making the commodity slightly cheaper for buyers holding foreign currencies.
Business Recorder
3 days ago
- Business
- Business Recorder
Palm rises on demand revival, on track to snap two-week losing streak
KUALA LUMPUR: Malaysian palm oil futures climbed on Friday and are poised to snap a two-week losing streak, as traders anticipate stronger demand from key markets in August. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange gained 42 ringgit, or 0.99%, to 4,282 ringgit ($1,011.58) a metric ton at the midday break. The contract has risen 0.92% so far this week. Some demand looks to be returning in August for both crude palm oil and refined products, said Paramalingam Supramaniam, director at brokerage Pelindung Bestari. 'Overall, I believe demand in August should be a bit higher than July,' he said. Cargo surveyors are expected to release their August 1-10 export estimates on Monday. Dalian's most active soyoil contract fell 0.12%, while its palm oil contract added 0.65%. Soyoil prices on the Chicago Board of Trade were down 0.15%. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Oil prices were little changed during early Asian hours, but were headed for their steepest weekly losses since late-June, as investors expressed concern over the impact to the global economy from tariffs that kicked into effect on Thursday. Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. The ringgit, palm's currency of trade, weakened 0.07% against the dollar, making the commodity slightly cheaper for buyers holding foreign currencies. Palm oil may retest resistance at 4,312 ringgit per metric ton, a break above which could lead to a gain into 4,344 ringgit to 4,374 ringgit range, Reuters technical analyst Wang Tao said.
Business Recorder
01-08-2025
- Business
- Business Recorder
Palm rises but logged second weekly loss
KUALA LUMPUR: Malaysian palm oil futures closed higher on Friday, supported by a weaker ringgitand the U.S. decision to reduce tariffs on goods from Malaysia, though the contract still logged a second straight weekly decline. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange gained 15 ringgit, or 0.35%, to 4,245 ringgit ($992.98) a metric ton at the close. A rebound in South American soyoil and a weaker ringgit helped prices recover from the early setback, while the reduction of U.S. tariffs on Malaysian goods to 19% from 25%, removed some bearishness from the market, said Anilkumar Bagani, research head at Sunvin Group. Meanwhile, Paramalingam Supramaniam, director at brokerage Pelindung Bestari said the market is awaiting production and export data for July, and once these figures are released, there should be a clearer picture of market direction. 'As far as Malaysia is concerned, we are seeing better-than-expected production in July. However, exports remain very weak, and we expect ending stocks to rise above 2.1 million tons for July,' Supramaniam added. Palm slips on weak rival edible oils, rising output, sluggish demand Cargo surveyors estimated that palm oil exports fell between 6.7% and 9.6% in July. The Malaysian Palm Oil Board is expected to release its July supply and demand data on August 11. Dalian's most-active soyoil contract rose 0.83%, while its palm oil contract shed 0.02%. Soyoil prices on the Chicago Board of Trade were down 0.47%. Palm oil tracks 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, weakened 0.35% against the dollar, making the commodity cheaper for buyers holding foreign currencies. Oil prices were little changed and heading for a weekly gain, as investors weighed the impact of further tariffs and sanctions by U.S. President Donald Trump. Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.
Business Recorder
01-08-2025
- Business
- Business Recorder
Palm reverses course to rise but set for second weekly loss
KUALA LUMPUR: Malaysian palm oil futures reversed course to trade higher on Friday, supported by a weaker ringgit and the U.S. decision to reduce tariffs on goods from Malaysia. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange gained 14 ringgit, or 0.33%, to 4,244 ringgit ($992.75) a metric ton at the midday break. However, the contract is headed for a second consecutive weekly decline, falling 1.68% so far. A rebound in South American soyoil and a weaker ringgit helped prices recover from the early setback while the reduction of U.S tariffs on Malaysian goods to 19% from 25%, has removed some bearishness from the market, said Anilkumar Bagani, research head at Sunvin Group. Meanwhile, Paramalingam Supramaniam, director at brokerage Pelindung Bestari said the market is awaiting production and export data for July and once these figures are released, there should be a clearer picture of market direction. 'As far as Malaysia is concerned, we are seeing better than expected production in July. However, exports remain very weak, and we expect ending stocks to rise above 2.1 million tons for July,' Supramaniam added. Cargo surveyors estimated that palm oil exports fell between 6.7% and 9.6% in July. The Malaysian Palm Oil Board is expected to release its July supply and demand data on August 11. Dalian's most-active soyoil contract rose 0.24%, while its palm oil contract gained 0.04%. Soyoil prices on the Chicago Board of Trade were up 0.37%. Palm oil tracks 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, weakened 0.35% against the dollar, making the commodity cheaper for buyers holding foreign currencies. Oil prices were little changed after falling more than 1% in the previous session as traders digested the impact of new, higher U.S. tariffs that may curtail economic activity and lower global fuel demand growth. Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.
Business Recorder
26-07-2025
- Business
- Business Recorder
Palm oil snaps three-week rally on profit-taking
KUALA LUMPUR: Malaysian palm oil futures ended more than 1% lower on Friday, snapping a three-week rally, as traders booked profits and concerns over rising output amid sluggish demand weighed on prices. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange slid 54 ringgit, or 1.25%, to 4,276 ringgit ($1,013.75) a metric ton at the close. The contract fell 0.9% this week. Crude palm oil prices have dipped after a recent rally due to profit-taking, said Paramalingam Supramaniam, director at brokerage Pelindung Bestari. Signs of a recovery in production amid tepid demand are also contributing to the decline, he added. Malaysia's crude palm oil production is likely to rise to 19.5 million metric tons in 2025 from 19.3 million tons a year earlier, the Malaysian Palm Oil Board said. Cargo surveyors estimated that exports of Malaysian palm oil products for July 1-25 fell between 9.2% and 15.2% from a month earlier. 'The market is aware of potential output increases in the third quarter and current demand trends suggest that unless there is a pick up in demand, end stocks could rise above 2.1 million metric tons in July,' Paramalingam said.
