Latest news with #WangTao
Daily Tribune
8 hours ago
- Politics
- Daily Tribune
Chinese Embassy Celebrates 98th Anniversary of the People's Liberation Army in Bahrain
TDT | Manama The 98th anniversary of the founding of the Chinese People's Liberation Army (PLA) was celebrated at the Crowne Plaza Hotel in Bahrain last night. The event was hosted by H.E. Mr. Ni Ruchi, Ambassador of the People's Republic of China to the Kingdom of Bahrain, and Colonel Wang Tao, Defense Attaché of the Chinese Embassy in Bahrain. Strong ties In his welcome speech, Colonel Wang Tao highlighted the strong ties between China and Bahrain, including the recent visit of His Majesty King Hamad bin Isa Al Khalifa to China and the discussions held between the two countries' leaders. Colonel Wang Tao spoke about China's commitment to peace and global cooperation. He said, 'China has been a builder of world peace, a contributor to global development, and a defender of the international order.' He also noted that China is the largest contributor of troops to UN peacekeeping missions among the permanent members of the UN Security Council and the second largest financial contributor.
New Straits Times
2 days ago
- Business
- New Straits Times
Palm opens lower on weak soyoil, strong ringgit
KUALA LUMPUR: Malaysian palm oil futures opened lower on Monday, reversing the previous session's gains, as weaker soyoil prices and a stronger ringgit weighed on the market. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange slid RM34, or 0.79 per cent, to RM4,281 (US$1,010.62) a metric ton in early trade. Dalian's most-active soyoil contract fell 0.34 per cent, while its palm oil contract added 0.29 per cent. Soyoil prices on the Chicago Board of Trade were down 0.47 per cent. 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, strengthened 0.19 per cent against the dollar, making the commodity more expensive for buyers holding foreign currencies. Oil prices barely budged as traders eyed the impact of new European sanctions on Russian oil supply, rising output from Middle East producers and concerns about fuel outlook as tariffs weighed on global economic growth. Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. Cargo surveyor Intertek Testing Services estimated that exports of Malaysian palm oil products for July 1-20 fell 3.5 per cent compared with the same period a month earlier. AmSpec Agri Malaysia's export estimates are expected later in the day. Palm oil may retrace into a range of RM4,254 to RM4,273 per ton, following its failure to break resistance at RM4,354, Reuters technical analyst Wang Tao said.
New Straits Times
5 days ago
- Business
- New Straits Times
Palm tracks rival edible oils higher, heads for third weekly gains
JAKARTA: Malaysian palm oil futures traded higher on Friday and headed for a third consecutive weekly gain, tracking the rise in rival edible oils at Dalian and Chicago markets. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange gained RM80, or 1.9 per cent, to RM4,290 (US$1,010.84) a metric ton by the midday break. The contract has gained 2.78 per cent this week. "Palm oil prices rose supported by strength in Chicago soyoil and Dalian palm and soyoil futures, alongside expectations of a weaker ringgit due to a strong U.S. dollar," said Darren Lim, a commodities strategist at Singapore-based brokerage Phillip Nova. Dalian's most-active soyoil contract rose 0.94 per cent, while its palm oil contract increased 1.53 per cent. Soyoil prices on the Chicago Board of Trade were up 0.78 per cent. 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 0.05 per cent against the dollar, making the commodity cheaper for holders of foreign currencies. According to independent inspection company AmSpec Agri Malaysia, exports of Malaysian palm oil products for the July 1-15 period fell 5.3 per cent from June 1-15, while cargo surveyor Intertek Testing Services reported a 6.2 per cent drop. Meanwhile, Malaysia has hiked its August crude palm oil reference price, raising export duties to 9 per cent from 8.5 per cent in July. Indonesia's biodiesel consumption reached 7.42 million kilolitres this year, as of July 16, 47.5 per cent of 2025's allocation. Indonesia's plantation fund agency estimates levies collected on palm oil will touch 30 trillion rupiah (US$1.84 billion) this year, enough to finance the country's biodiesel mandate. Palm oil may retest resistance at RM4,316 per metric ton, a break above which could lead to a gain into RM4,354 to RM4,392 range, Reuters technical analyst Wang Tao said.
New Straits Times
6 days ago
- Business
- New Straits Times
Palm oil drops on profit-taking after reports of weaker export data
JAKARTA: Malaysian palm oil futures slipped on Thursday, erasing gains from the previous session, due to profit-taking after reports of weaker export data for the July 1-15 period. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange lost RM14, or 0.33 per cent, to RM4,210 (US$991.29) a metric ton, as of 0232 GMT. According to independent inspection company AmSpec Agri Malaysia, exports of Malaysian palm oil products for the July 1-15 period fell 5.3 per cent, from June 1-15, while according to cargo surveyor Intertek Testing Services, it fell 6.2 per cent. Soyoil prices on the Chicago Board of Trade were slightly down 0.05 per cent. Dalian's most-active soyoil contract edged 0.12 per cent higher, while its palm oil contract slipped 0.11 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 rose in early trade on Thursday, reversing the previous session's losses, buoyed by stronger-than-expected economic data from the world's top oil consumers and signs of easing trade tensions. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. The ringgit, palm's currency of trade, weakened 0.17 per cent against the dollar, making the commodity cheaper for holders of foreign currencies. Palm oil may retest resistance at RM4,231 per metric ton, with a good chance of breaking above it and rising into the RM4,254 to RM4,292 range, Reuters technical analyst Wang Tao said. Asian stocks dithered ahead of earnings from heavyweight technology companies and as market anxiety lingered over the uncertain tenure of Federal Reserve chief Jerome Powell.
Business Recorder
6 days ago
- Business
- Business Recorder
Palm rises on firmer Chicago soyoil, crude, soft ringgit
JAKARTA: Malaysian palm oil futures rose on Wednesday, recouping losses from the previous session, underpinned by gains in rival Chicago soyoil, stronger crude oil prices and a weaker ringgit. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange gained 45 ringgit, or 1.08%, to 4,208 ringgit ($990.58) a metric ton by the midday break. 'The futures opened gap higher today, following a resurgent movement in Chicago soyoil, ICE Canola and in Euronext Rapeseed futures Tuesday overnight and an uptick in Asian hour today for Chicago soyoil and energy prices,' said Anilkumar Bagani, research head of Mumbai-based vegetable oil broker Sunvin Group. Soyoil prices on the Chicago Board of Trade (CBOT) added 0.77%. Dalian's most-active soyoil contract rose 0.4%, while its palm oil contract slightly slipped 0.07%. Palm oil tracks the price movements of rival edible oils as it competes for a share of the global vegetable oils market. Oil prices rose, boosted by expectations of firm summer demand in the world's two largest consumers, the U.S. and China, though gains were capped by analysts' caution about the wider economy. Palm trades lower on profit-taking, market awaits export data Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. The ringgit, palm's currency of trade, weakened 0.21% against the dollar, making the commodity cheaper for holders of foreign currencies. Independent inspection company AmSpec Agri Malaysia estimates exports of Malaysian palm oil products for the July 1-15 period to have fallen 5.3% compared with the June 1-15 period, while cargo surveyor Intertek Testing Services predicts a 6.2% drop. Palm oil may retest resistance at 4,231 ringgit per metric ton, a break above which could lead to a gain into the 4,254-4,292 ringgit range, Reuters technical analyst Wang Tao said.
