Latest news with #BursaMalaysiaDerivativesExchange
Business Recorder
2 days ago
- Business
- Business Recorder
Palm oil logs sixth weekly gain, highest in two months
KUALA LUMPUR: Malaysian palm oil futures ended higher on Friday, logging a sixth consecutive weekly gain, despite weak demand in key markets. The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange rose 11 ringgit, or 0.27%, to 4,115 ringgit ($968.24) a metric ton, the highest closing price since April 15. The contract gained 4.79% this week. Trading volumes have been relatively thin and prices have largely factored in most internal and external variables, Paramalingam Supramaniam, director at Selangor-based brokerage Pelindung Bestari, said. 'Going forward, sustaining the current trend will require additional bullish news to emerge. The demand side will be particularly crucial in July as the current market rally has been premised solely on external factors and has not yet demonstrated a robust increase in demand.' Dalian's most-active soyoil contract rose 0.44%, while the palm oil contract gained 0.05%. Soyoil prices on the Chicago Board of Trade were up 1.5%. Palm flat as strong Dalian oils counter weak demand Palm oil tracks price movements of rival edible oils as it competes for a share of the global vegetable oils market. Cargo surveyors estimated that exports of Malaysian palm oil products during June 1-20 rose between 10.9% and 14.3%, compared with the same period a month ago. Oil prices fell, but remained on course for a third consecutive weekly rise, after the White House delayed a decision on U.S. involvement in the Israel-Iran conflict. Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. The ringgit, palm's currency of trade, strengthened 0.16% against the dollar, making the commodity more expensive for buyers holding foreign currencies.
Business Recorder
2 days ago
- Business
- Business Recorder
Palm oil falls on weak demand; set for sixth weekly gain
KUALA LUMPUR: Malaysian palm oil futures fell on Friday due to weak demand in key markets, although the contract was set for a sixth consecutive weekly gain despite needing a catalyst to sustain momentum. The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange fell 10 ringgit, or 0.24%, to 4,094 ringgit ($962.61) a metric ton at the midday break. The contract has gained 5.5% so far this week. Trading volumes have been relatively thin and prices have largely factored in most internal and external variables, Paramalingam Supramaniam, director at Selangor-based brokerage Pelindung Bestari, said. 'Going forward, sustaining the current trend will require additional bullish news to emerge. The demand side will be particularly crucial in July as the current market rally has been premised solely on external factors and has not yet demonstrated a robust increase in demand.' Dalian's most-active soyoil contract rose 0.52%, while the palm oil contract shed 0.05%. Soyoil prices on the Chicago Board of Trade were up 0.38%. 'Palm oil remains cornerstone of Pakistan's edible oils and fats sector' Palm oil tracks price movements of rival edible oils as it competes for a share of the global vegetable oils market. Cargo surveyors are expected to release Malaysian palm oil export estimates for June 1-20 later in the day. Brent crude prices pared gains from the previous session, falling nearly $2 on Friday after the White House delayed a decision on US involvement in the Israel-Iran conflict, but they were still poised for a third straight week in the black. Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. The ringgit, palm's currency of trade, strengthened 0.09% against the dollar, making the commodity more expensive for buyers holding foreign currencies.
New Straits Times
2 days ago
- Business
- New Straits Times
Palm oil muted but poised for sixth weekly gain
KUALA LUMPUR: Malaysian palm oil futures were muted on Friday as traders awaited cargo surveyors' export estimates, but the contract was still set for a sixth consecutive weekly gain as stronger rival edible oils supported the market. The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange gained RM7, or 0.17 per cent, to RM4,111 (US$967.52) a metric tonne in early trade. The contract has gained 5.50 per cent so far this week. Dalian's most-active soyoil contract rose 0.62 per cent, while its palm oil contract added 0.28 per cent. Soyoil prices on the Chicago Board of Trade were up 0.09 per cent. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Cargo surveyors are expected to release Malaysian palm oil export estimates for June 1–20 later in the day. Oil prices were on track to rise for the third straight week despite slipping on Friday, with investors on edge as the week-old war between Israel and Iran showed no signs of either side backing down. Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. The ringgit, palm's currency of trade, strengthened 0.21 per cent against the dollar, making the commodity more expensive for buyers holding foreign currencies. Palm oil may test the resistance zone of RM4,157 to RM4,185 per metric tonne, a break above which could lead to a gain to RM4,229, Reuters technical analyst Wang Tao said.
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
3 days ago
- Business
- Business Recorder
palm oil rangebound as strong Dalian counters weak crude oil
KUALA LUMPUR: Malaysian palm oil futures traded in a tight range on Thursday as support from stronger rival Dalian oils countered weaker crude oil prices. The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange gained 2 ringgit, or 0.05%, to 4,102 ringgit a metric ton in early trade. Palm rises tracking rival soyoil, weaker ringgit The contract rose for the second consecutive session.
