Latest news with #PhillipNova
Yahoo
a day ago
- Business
- Yahoo
Comex Gold Futures Likely to Continue to Consolidate, Chart Shows
Comex gold futures were likely to continue to consolidate, based on the daily chart's triangle pattern, Phillip Nova said, adding that further consolidation within the $3,250-$3,450 range was expected.
Business Recorder
7 days ago
- Business
- Business Recorder
Malaysian palm oil gains as Dalian oils firm
JAKARTA: Malaysian palm oil futures closed higher on Tuesday, tracking stronger Dalian's edible oil market and India's reduction in basic import tax on crude edible oils. The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange gained 56 ringgit, or 1.44%, to 3,934 ringgit ($927.83) a metric ton at the close. 'Palm oil futures are drawing strength from the Chinese edible oil market and supported by improved demand prospects after India, the world's largest palm oil importer, announced a reduction in import duties on crude edible oils,' said Darren Lim, commodities strategist at Singapore-based brokerage Phillip Nova. India halved the basic import tax on crude edible oils to 10% on Friday, as it tries to bring down food prices and help the local refining industry. India's palm oil imports in May surged to a six-month high, as lower inventories and the tropical oil's discount to rival soyoil and sunflower oil prompted refiners to increase purchases, according to five dealers. Dalian's most-active soyoil contract rose 0.39%, while its palm oil contract gained 1.24%. Soyoil prices on the Chicago Board of Trade were down 0.37%. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Independent inspection company AmSpec Agri Malaysia said exports of Malaysian palm oil products for May rose 13.2%, while according to cargo surveyor Intertek Testing Services, it rose 17.9%. Indonesia exported 6.41 million metric tons of crude and refined palm oil in the January to April period, down 5.37% on a yearly basis, data from the statistics bureau showed on Monday. Oil prices ticked up on Tuesday, supported by rising geopolitical tensions, as Russia and Ukraine ramped up the war and Iran was set to reject a US nuclear deal proposal that would be key to easing sanctions on the major oil producer. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.
Business Recorder
03-06-2025
- Business
- Business Recorder
Palm rises as Dalian oils firm, India cuts import duty on crude edible oils
JAKARTA: Malaysian palm oil futures rose on Tuesday, tracking stronger Dalian's edible oil market and India's reduction in basic import tax on crude edible oils. The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange gained 89 ringgit, or 2.29%, to 3,967 ringgit ($934.07) a metric ton by the midday break. 'Palm oil futures are drawing strength from the Chinese edible oil market and supported by improved demand prospects after India, the world's largest palm oil importer, announced a reduction in import duties on crude edible oils,' said Darren Lim, commodities strategist at Singapore-based brokerage Phillip Nova. India halved the basic import tax on crude edible oils to 10% on Friday, as it tries to bring down food prices and help the local refining industry. Additionally, a recent uptick in crude oil prices has enhanced palm's appeal as a biofuel feedstock, contributing to bullish sentiment, Lim said. Dalian's most-active soyoil contract rose 0.52%, while its palm oil contract gained 1.53%. Soyoil prices on the Chicago Board of Trade were up 0.3%. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Indonesia Jan-April palm oil exports at 6.41m metric tons Independent inspection company AmSpec Agri Malaysia said exports of Malaysian palm oil products for May rose 13.2%, while according to cargo surveyor Intertek Testing Services it rose 17.9%. Indonesia exported 6.41 million metric tons of crude and refined palm oil in the January to April period, down 5.37% on a yearly basis, data from the statistics bureau showed on Monday. Oil prices ticked up on concerns about supply, with Iran set to reject a U.S. nuclear deal proposal that would be key to easing sanctions on the major oil producer, while weakness in the dollar also supported prices. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. Palm oil looks neutral in a narrow range of 3,860 ringgit to 3,886 ringgit per metric ton, and an escape could suggest a direction, Reuters technical analyst Wang Tao said.
Business Recorder
19-05-2025
- Business
- Business Recorder
Oil retreats as US, China growth concerns weigh
SINGAPORE: Oil prices slipped on Monday, weighed down by Moody's downgrade of the US sovereign credit rating and official data that showed a slowdown in the pace of China's industrial output and retail sales. Front-month Brent crude futures edged down 51 cents, or 0.8%, to $64.90 a barrel by 0630 GMT while US West Texas Intermediate crude dropped 45 cents, or 0.7%, to $62.04 a barrel. The front-month June WTI contract expires on Tuesday and the more-active July contract fell 48 cents, or 0.8%, to $61.49 a barrel. Both contracts rose more than 1% last week after the US and China, the world's two biggest economies and oil consumers, agreed to a 90-day pause on their trade war with sharply lower import tariffs. Moody's downgrade raises questions about the outlook for the US economy, and China's data points to a bumpy road ahead for any economic recovery, said Priyanka Sachdeva, a senior market analyst at Phillip Nova. The Moody's downgrade may not impact oil demand directly, but it does create more sober market sentiment, she said. Moody's downgraded the US sovereign credit rating on Friday over the country's growing $36 trillion debt pile, a move that could complicate President Donald Trump's efforts to cut taxes. Meanwhile in China, the world's largest crude oil importer, official data showed growth in industrial output slowed in April, though still fared better than economists had expected. While Beijing and Washington reached an agreement last week to roll back most tariffs imposed on each other's goods, the short-term truce and Trump's unpredictable approach continue to cast a shadow over China's export-driven economy, which still faces 30% tariffs on top of existing duties. Meanwhile, the outcome of Iran-US nuclear talks remains uncertain, limiting losses in oil prices. US special envoy Steve Witkoff said on Sunday that any deal between the United States and Iran must include an agreement not to enrich uranium, a comment that swiftly drew criticism from Tehran. 'There was a lot of hope being built into those talks,' IG market analyst Tony Sycamore said. The evolutionary arc of global oil and why Pakistan's needs to bend it 'Realistically, Iran was unlikely to ever willingly agree to peacefully give up its nuclear ambitions, which it has always maintained as being non-negotiable. More so after the collapse of its proxies, which have acted as a buffer in the past between itself and Israel,' he said, referring to Hamas, Hezbollah and the Houthis. In Europe, tensions between Estonia and Russia rose after Moscow detained a Greek-owned oil tanker on Sunday after it left an Estonian Baltic Sea port. In the US, producers cut the number of operating oil rigs by 1 to 473 last week, the lowest since January, Baker Hughes said in a weekly report, as they continued to focus on spending cuts that could slow US oil output growth this year.
Arab News
19-05-2025
- Business
- Arab News
Oil Updates — crude retreats as US, China growth concerns weigh
SINGAPORE: Oil prices slipped on Monday, weighed down by Moody's downgrade of the US sovereign credit rating and official data that showed a slowdown in the pace of China's industrial output and retail sales, according to Reuters. Front-month Brent crude futures edged down 51 cents, or 0.8 percent, to $64.90 a barrel by 09:30 a.m. Saudi time while US West Texas Intermediate crude dropped 45 cents, or 0.7 percent, to $62.04 a barrel. The front-month June WTI contract expires on Tuesday, and the more-active July contract fell 48 cents, or 0.8 percent, to $61.49 a barrel. Both contracts rose more than 1 percent last week after the US and China, the world's two biggest economies and oil consumers, agreed to a 90-day pause on their trade war with sharply lower import tariffs. Moody's downgrade raises questions about the outlook for the US economy, and China's data points to a bumpy road ahead for any economic recovery, said Priyanka Sachdeva, a senior market analyst at Phillip Nova. The Moody's downgrade may not impact oil demand directly, but it does create more sober market sentiment, she said. Moody's downgraded the US sovereign credit rating on Friday over the country's growing $36 trillion debt pile, a move that could complicate President Donald Trump's efforts to cut taxes. Meanwhile, in China, the world's largest crude oil importer, official data showed growth in industrial output slowed in April, though still fared better than economists had expected. While Beijing and Washington reached an agreement last week to roll back most tariffs imposed on each other's goods, the short-term truce and Trump's unpredictable approach continue to cast a shadow over China's export-driven economy, which still faces 30 percent tariffs on top of existing duties. Meanwhile, the outcome of Iran-US nuclear talks remains uncertain, limiting losses in oil prices. US special envoy Steve Witkoff said on Sunday that any deal between the US and Iran must include an agreement not to enrich uranium, a comment that swiftly drew criticism from Tehran. 'There was a lot of hope being built into those talks,' IG market analyst Tony Sycamore said. 'Realistically, Iran was unlikely to ever willingly agree to peacefully give up its nuclear ambitions, which it has always maintained as being non-negotiable. More so after the collapse of its proxies, which have acted as a buffer in the past between itself and Israel,' he said, referring to Hamas, Hezbollah and the Houthis. In Europe, tensions between Estonia and Russia rose after Moscow detained a Greek-owned oil tanker on Sunday after it left an Estonian Baltic Sea port. In the US, producers cut the number of operating oil rigs by 1 to 473 last week, the lowest since January, Baker Hughes said in a weekly report, as they continued to focus on spending cuts that could slow US oil output growth this year.
