Latest news with #AnilkumarBagani
Business Recorder
2 days ago
- Business
- Business Recorder
Palm flat as strong Dalian oils counter weak demand
KUALA LUMPUR: Malaysian palm oil futures were largely flat on Thursday as stronger rival Dalian oils supported the market, while weak demand from key markets, including India, countered the gains. The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange rose 2 ringgit, or 0.05%, to 4,102 ringgit ($963.59) a metric ton at the close. The market was trading sideways following an upward momentum seen in Chinese vegetable oil futures in Asian hours, and the persistent bullish trend in ultra-low sulfur diesel (ULSD) futures, said Anilkumar Bagani, research head at Mumbai-based vegetable oil broker Sunvin Group. But a lack of fresh buying support from destination markets and the weak buying demand from India capped the gains, Bagani added. Dalian's most-active soyoil contract rose 1.44%, while its palm oil contract added 0.45%. The Chicago Board of Trade was closed for a public holiday. Palm oil tracks price movements of rival edible oils as it competes for a share of the global vegetable oils market. Oil prices rose after Israel and Iran continued to exchange missile attacks overnight and U.S. President Donald Trump's stance on the conflict kept investors on edge. Indian refiners cancel palm oil orders for July-Sept as prices surge Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. Indian refiners cancelled orders for 65,000 metric tons of crude palm oil (CPO) scheduled for delivery from July to September following a sudden surge in benchmark Malaysian prices, four trade sources told Reuters. The ringgit, palm's currency of trade, weakened 0.21%against the U.S. dollar, making the commodity slightly cheaper for buyers holding foreign currencies.
Business Recorder
12-06-2025
- Business
- Business Recorder
Palm rises on bargain buying, Chicago soyoil
JAKARTA: Malaysian palm oil futures rebounded on Thursday after two straight sessions of losses, supported by strength in Chicago soyoil, and bargain buying. The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange gained 35 ringgit, or 0.91%, to 3,874 ringgit ($916.71)a metric ton by the midday break. 'Bursa Malaysia CPO futures initially opened with a mixed to lower trend, but later experienced a recovery due to bargain buying, following a sharp rally in energy prices and indications of stability in Chinese vegetable oil futures,' said Anilkumar Bagani, commodity research at Mumbai-based brokerage Sunvin Group. Strength in Chicago soyoil during Asian trading hours also added support to the contract, he said. Dalian's most-active soyoil contract was down 0.23% while its palm oil contract was up 0.02%. Soyoil on the Chicago Board of Trade (CBOT) gained 0.35%. India's palm oil imports in May rise over 84% m/m, trade body says Palm oil tracks the price movements of rival edible oils as it competes for a share of the global vegetable oils market. Malaysian ringgit, the contract currency of trade, strengthened 0.21% against the U.S. dollar, making the contract more expensive for foreign currency holders. Palm oil may retest the support level of 3,812 ringgit per metric ton, with a good chance of breaking below it and falling towards 3,768 ringgit.
Business Recorder
10-06-2025
- Business
- Business Recorder
Malaysia's palm oil stocks hit 8-month high in May as output jumps
KUALA LUMPUR: Malaysia's palm oil stocks jumped to their highest level in eight months in May as a surge in production and imports countered exports, which rose to their highest in six months, data from the industry regulator showed on Tuesday. Palm oil stocks rose 6.65% month-on-month in May, the third consecutive monthly increase, to 1.99 million metric tons, the highest since September 2024, the Malaysian Palm Oil Board (MPOB) said. Crude palm oil production climbed 5.05% in May, also the third straight monthly rise, to 1.77 million tons, while palm oil exports surged 25.6% to 1.39 million tons, the highest since November last year, the MPOB said. Imports rose to 68,971 tons last month from 58,292 tons in April, the data showed. A Reuters survey had estimated inventories at 2.01 million tons, with output at 1.74 million tons and exports at 1.3 million tons. The MPOB report is slightly bullish for palm oil, as the market was already trading with the expectation of stocks rising to 2 million tons, said Anilkumar Bagani, research head of Mumbai-based vegetable oil broker Sunvin Group. Palm rises on stronger Dalian rivals but weak Chicago soyoil limits gains 'Unless production rises with greater force in (the) coming months, we expect demand, particularly from top buyer India, to support the market.' Earlier this month, India halved the basic import tax on crude palm oil to 10% to bring down food prices and help the local refining industry. Palm oil has been trading at a discount to rival soyoil for the last few weeks and has started to lure buyers during the peak production season, said a Mumbai-based dealer with a global trade house.
The Star
10-06-2025
- Business
- The Star
Malaysia's palm oil stocks hit 8-month high in May as output jumps
File pic — AZHAR MAHFOF/The Star Malaysia's palm oil stocks jumped to their highest level in eight months in May as a surge in production and imports countered exports, which rose to their highest in six months, data from the industry regulator showed on Tuesday. Palm oil stocks rose 6.65% month-on-month in May, the third consecutive monthly increase, to 1.99 million metric tons, the highest since September 2024, the Malaysian Palm Oil Board (MPOB) said. Crude palm oil production climbed 5.05% in May, also the third straight monthly rise, to 1.77 million tons, while palm oil exports surged 25.6% to 1.39 million tons, the highest since November last year, the MPOB said. Imports rose to 68,971 tons last month from 58,292 tons in April, the data showed. A Reuters survey had estimated inventories at 2.01 million tons, with output at 1.74 million tons and exports at 1.3 million tons. The MPOB report is slightly bullish for palm oil, as the market was already trading with the expectation of stocks rising to 2 million tons, said Anilkumar Bagani, research head of Mumbai-based vegetable oil broker Sunvin Group. "Unless production rises with greater force in (the) coming months, we expect demand, particularly from top buyer India, to support the market." Earlier this month, India halved the basic import tax on crude palm oil to 10% to bring down food prices and help the local refining industry. Palm oil has been trading at a discount to rival soyoil for the last few weeks and has started to lure buyers during the peak production season, said a Mumbai-based dealer with a global trade house. - Reuters
Business Recorder
05-06-2025
- Business
- Business Recorder
Palm ends lower on weaker rival edible oils, profit booking
JAKARTA: Malaysian palm oil futures extended losses on Thursday, snapping a two-session rally, as investors booked profits and prices of rival edible oils fell. The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange dropped 44 ringgit, or 1.11%, to 3,904 ringgit ($923.59) a metric ton at the close. 'The palm oil futures were seen trading lower on profit taking, energy prices and weaknesses in related China and US vegetable oil markets,' said Anilkumar Bagani, head of research at Mumbai-based vegetable oil broker Sunvin Group. Dalian's most-active soyoil contract fell 0.18%, while its palm oil contract declined 0.37%. Soyoil prices on the Chicago Board of Trade were down 0.58%. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Oil prices steadied on Thursday after falling more than 1% the previous day because of a build in US gasoline and diesel inventories and cuts to Saudi Arabia's July prices for Asia. Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. Malaysia's palm oil inventories are projected to climb for a third consecutive month in May, driven by a modest recovery in production despite robust export demand, a Reuters survey showed on Wednesday. Palm oil rebounds on anticipation of strong demand 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 oils prompted refiners to increase purchases. Independent inspection company AmSpec Agri Malaysia said exports of Malaysian palm oil products for May rose 13.2%, while cargo surveyor Intertek Testing Services saw a 17.9% jump.
