Latest news with #KualaLumpur-based
Business Recorder
2 days ago
- Business
- Business Recorder
Malaysian palm oil futures rise tracking rival soyoil
JAKARTA: Malaysian palm oil futures closed higher on Wednesday, supported by gains in rival soyoil in Dalian and Chicago markets and a weaker ringgit. The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange gained 37 ringgit, or 0.91%, to 4,101 ringgit ($965.40) a metric ton at the close. A Kuala Lumpur-based trader said that the market is in a range-bound mode, but with a positive bias due to the strength in rival oils and the ringgit's weakness. Soyoil on the Chicago Board of Trade (CBOT) was up 0.2%. Dalian's most active soyoil contract gained 1.46% and its palm oil contract rose 0.73%. Palm oil tracks the price movements of rival edible oils as it competes for a share of the global vegetable oils market. Oil prices fell on Wednesday, after a gain of 4% in the previous session, as markets weighed up the chance of supply disruptions from the Iran-Israel conflict and as they ponder a direct US involvement. Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. Malaysian ringgit, the palm's contract currency of trade, eased 0.12% against the US dollar, making ringgit-denominated goods more attractive for foreign currency holders. Cargo surveyor Intertek Testing Services said exports of Malaysian palm oil products for June 1-15 rose 26.3%, compared to May 1-15, while according to independent inspection company AmSpec Agri Malaysia, the shipments rose 17.8%.
Business Recorder
2 days ago
- Business
- Business Recorder
Indian refiners cancel palm oil orders for July-Sept as prices surge
MUMBAI: 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. Refiners in the world's largest palm oil importer cancelled the orders in the past three days after Malaysian palm oil futures rose more than 6%, hedging their risk against the prospect of falling prices by locking in a profit. 'There is a lot of volatility in the market. There was more margin in cancelling bought CPO than in importing, refining, and selling refined palm oil in the local market,' said an Indian buyer who operates a refinery on the west coast and cancelled shipments for July delivery. Indian buyers made CPO purchases nearly a month ago around $1,000 to $1,030 per ton, including cost, insurance, and freight, after a rebound in palm oil production brought down prices to their lowest in more than eight months. This week, palm oil futures jumped, tracking a rally in Chicago soyoil futures after the U.S. proposed higher biofuel blending volumes. Palm rises tracking rival soyoil, weaker ringgit The sudden rise prompted Indian refiners to cancel contracts at between $1,050 and $1,065 per ton, making a profit of more than $30 per ton, said the sources who spoke on condition of anonymity because they were not authorised to speak to media. Buyers agreed to contract cancellations by accepting a price slightly lower than the current market rate, a decision mutually reached with sellers, said a New Delhi-based dealer with a global trading house. The CPO is being offered at about $1,070 a ton in India for July delivery, compared to $1,020 to $1,030 a month ago. Despite the cancellations, Indian imports are poised to rise in coming months after falling far below average in recent months, bringing down inventories, said Sandeep Bajoria, chief executive of Sunvin Group, a vegetable oil brokerage. India's palm oil imports hit a six-month high in May, driven by low inventories and the oil's price discount to rival soyoil and sunflower oil. Indian buying had gained momentum after India last month halved the import duty on CPO, but the cancellations have disrupted that momentum, said a Kuala Lumpur-based trader with a palm oil producing company.
Yahoo
2 days ago
- Business
- Yahoo
Exclusive-Indian refiners cancel palm oil orders for July-Sept as prices surge
By Rajendra Jadhav MUMBAI (Reuters) -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. Refiners in the world's largest palm oil importer cancelled the orders in the past three days after Malaysian palm oil futures rose more than 6%, hedging their risk against the prospect of falling prices by locking in a profit. "There is a lot of volatility in the market. There was more margin in cancelling bought CPO than in importing, refining, and selling refined palm oil in the local market," said an Indian buyer who operates a refinery on the west coast and cancelled shipments for July delivery. Indian buyers made CPO purchases nearly a month ago around $1,000 to $1,030 per ton, including cost, insurance, and freight, after a rebound in palm oil production brought down prices to their lowest in more than eight months. This week, palm oil futures jumped, tracking a rally in Chicago soyoil futures after the U.S. proposed higher biofuel blending volumes. The sudden rise prompted Indian refiners to cancel contracts at between $1,050 and $1,065 per ton, making a profit of more than $30 per ton, said the sources who spoke on condition of anonymity because they were not authorised to speak to media. Buyers agreed to contract cancellations by accepting a price slightly lower than the current market rate, a decision mutually reached with sellers, said a New Delhi-based dealer with a global trading house. The CPO is being offered at about $1,070 a ton in India for July delivery, compared to $1,020 to $1,030 a month ago. Despite the cancellations, Indian imports are poised to rise in coming months after falling far below average in recent months, bringing down inventories, said Sandeep Bajoria, chief executive of Sunvin Group, a vegetable oil brokerage. India's palm oil imports hit a six-month high in May, driven by low inventories and the oil's price discount to rival soyoil and sunflower oil. Indian buying had gained momentum after India last month halved the import duty on CPO, but the cancellations have disrupted that momentum, said a Kuala Lumpur-based trader with a palm oil producing company. Sign in to access your portfolio
Business Recorder
2 days ago
- Business
- Business Recorder
Palm rises tracking rival soyoil, weaker ringgit
JAKARTA: Malaysian palm oil futures closed higher on Wednesday, supported by gains in rival soyoil in Dalian and Chicago markets and a weaker ringgit. The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange gained 37 ringgit, or 0.91%, to 4,101 ringgit ($965.40) a metric ton at the close. A Kuala Lumpur-based trader said that the market is in a range-bound mode, but with a positive bias due to the strength in rival oils and the ringgit's weakness. Soyoil on the Chicago Board of Trade (CBOT) was up 0.2%. Dalian's most active soyoil contract gained 1.46% and its palm oil contract rose 0.73%. Palm oil tracks the price movements of rival edible oils as it competes for a share of the global vegetable oils market. Oil prices fell on Wednesday, after a gain of 4% in the previous session, as markets weighed up the chance of supply disruptions from the Iran-Israel conflict and as they ponder a direct US involvement. Palm rises on higher rival soyoil, crude oil Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. Malaysian ringgit, the palm's contract currency of trade, eased 0.12% against the U.S. dollar, making ringgit-denominated goods more attractive for foreign currency holders. Cargo surveyor Intertek Testing Services said exports of Malaysian palm oil products for June 1-15 rose 26.3%, compared to May 1-15, while according to independent inspection company AmSpec Agri Malaysia, the shipments rose 17.8%.
New Paper
3 days ago
- Sport
- New Paper
Super Salute's fan base looks all set to broaden
Super Salute has shown racegoers that he is not just a "one-track" pony. A prolific winner at Kranji - nine, seven for Jason Lim and two for Richard Lim (of no relation) - including three at Group level, the son of I Am Invincible has since gone where they send him. After he crossed the Causeway to continue his career in Malaysia following the closure of Singapore racing in October, he has tried his utmost to turn on the charm despite a bad back. He may have yet to garner that kind of support at his new home in Selangor, but he is getting there. Under the care of his new trainer, the Kuala Lumpur-based Sivan Veerapen, he has already won twice, once at his home base and once in Ipoh. Racing fans at Ipoh will remember him for that win on their track on April 13. That day, under a ride from 4kg claimer Nik Shahronnizam and sent off a raging favourite, Super Salute justified all that confidence by beating Mega Gems by almost four lengths over the 1,300m. It was then back to Kuala Lumpur for his next task on May 4. Pitted against some really good opposition and sent over the same 1,300m journey - this time in the more experienced hands of Shafiq Rizuan - Super Salute unleashed a run at the top of the stretch to beat Pacific Victory by ¾-length. Not done yet, he still had Penang to conquer and he could not have chosen a bigger and better stage to pull it off. It was on May 31, the day the curtain was to fall on racing at Penang when Super Salute took the commemorative race, the Penang Turf Club Farewell Trophy (1,300m) in dominant fashion, beating Pacific Vampire by 2½ lengths. A record of three wins at all three Malaysian tracks, from nine race starts, is surely something to crow about. That genuineness was still there for all to see on the morning of June 17, when he emerged as one of the stars on the training track at Sungai Besi. Taken out for a romp, he was not extended to clock 41.2sec for the 600m. Back to the present and Sivan has picked a challenging race at Kuala Lumpur on June 22 for his six-year-old. It is the Supreme "A" contest to be run over the 1,400m and Super Salute - with his rating of 117 - will have to give weight to all of his rivals. However, on the back of that most recent workout, Super Salute looks to be in a good place right now and should run a good race. Also catching the eye on the same morning were So We Fight and Commander. Both looked in good order when clocking 41.2sec for the 600m. The Simon Dunderdale-trained So We Fight is a galloper going places. The four-year-old son of So You Think has had a break since his last race on April 5 when he led but faded to eighth to Red Dragonfly in a Class 4A (1,400m). On June 22, the three-time winner (1,020m to 1,500m) will have just his second race over 1,200m. His last seven outings have all been over 1,400m and beyond. Given his preference for racing from the front, the shorter 1,200m of that Class 4A race could be just what he is looking for - especially coming off a break. Another one from Dunderdale's stable, Commander has been a good horse to have in the barn. Formerly with Donna Logan, who saddled him to one win at Kranji on Dec 17, 2023, the son of U S Navy Flag has turned the corner since joining Dunderdale. After a wining debut for his new yard in a Class 5A race (1,300m) in Kuala Lumpur on Sept 8, he doubled up two weeks later when stepped up to a Class 4 (1,400m) at the same track, beating Golden Lightning by ¾-length. Thereafter, Commander found the competition tougher in that grade, albeit he managed to eke out another win from Leopard Eclipse in a 1,400m contest on Dec 8, which was to be the last time he greeted the judge. He has mixed his form since, but would have inspired stable confidence when he finished second - by a neck - in his last start in a Class 4B race (1,150m) on June 7. At his 30th race start this weekend, he will trot out with a handy weight of 54.5kg. If anything, he deserves more than just a second glance. brian@
