Latest news with #SitiNoorAferaAbu
Barnama
16 hours ago
- Business
- Barnama
Ringgit Almost Flat Vs US Dollar Amid Ongoing Middle East Conflict
Ringgit Almost Flat Vs US Dollar Amid Ongoing Middle East Conflict By Siti Noor Afera Abu KUALA LUMPUR, June 17 (Bernama) -- The ringgit ended nearly flat against the US dollar on Tuesday as investors stayed cautious amid the ongoing military conflict in the Middle East. At 6 pm, the local note stood at 4.2390/2475 versus the greenback compared to yesterday's close of 4.2370/2450. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the ringgit-greenback pair continued to trade sideways during the day. He said similarly, the US Dollar Index (DXY) remained below 100 points while Brent crude oil prices fell 0.46 per cent to US$72.89 per barrel. He explained that although geopolitical risks have increased, the impact on financial markets remains relatively manageable, at least for the time being. 'The Middle East situation will continue to be on traders' and investors' radar in the immediate term,' he told Bernama. Looking ahead, Mohd Afzanizam said the US Federal Reserve's future monetary policy decisions would also be influenced by tariff-related shocks. At the close, the ringgit traded higher against a basket of major currencies. It rose versus the Japanese yen to 2.9271/9332 from 2.9397/9455 at Monday's close, strengthened against the British pound to 5.7413/7528 from 5.7555/7664 yesterday, and increased vis-à-vis the euro to 4.8986/9084 from 4.9077/9170 previously. The ringgit was also stronger against its ASEAN peers. It edged up versus the Indonesian rupiah to 260.2/260.8 from 260.4/261.2 on Monday and rose against the Philippine peso to 7.48/7.49 from 7.51/7.53 yesterday. The local currency also gained against the Singapore dollar to 3.3068/3137 from 3.3102/3167 at the previous close and firmed vis-a-vis the Thai baht to 13.0114/0443 from 13.0389/0696 previously. -- BERNAMA
Barnama
04-06-2025
- Business
- Barnama
CPO Futures Likely To Trade Sideways Next Week Amid Limited Market Catalysts, Shorter Week
By Siti Noor Afera Abu KUALA LUMPUR, May 31 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is expected to move sideways next week due to limited market catalysts and a shorter trading week. Palm oil trader David Ng said the lack of fresh trading cues will likely keep the market range-bound in the near term. 'We expect the commodity to trade between RM3,750 and RM3,950 per tonne,' he said. Cargo surveyors expect exports of Malaysian palm oil products during May 1-25 to rise between 7.3 per cent and 11.6 per cent, compared with the same period a month ago. Meanwhile, Fastmarkets Palm Oil Analytics senior analyst Dr Sathia Varqa said market participants will be keenly watching for May supply and demand estimates from newswire polling and the full month production data from the Malaysian Palm Oil Association, including data from the Malaysian Palm Oil Board (MPOB), due on June 10. On a Friday-to-Friday basis, the spot-month June 2025 contract rose RM64 to RM3,888 per tonne, July 2025 was RM55 higher at RM3,891 per tonne, and August 2025 added RM51 to RM3,878. The September 2025 note rose RM49 to RM3,870 per tonne, October 2025 edged up RM46 to RM3,870, and November 2025 gained RM43 to RM3,874. The weekly trading volume was down to 281,987 lots from 331,960 the previous week, while open interest narrowed to 241,994 contracts from 244,075.
Barnama
03-06-2025
- Business
- Barnama
Cautious Trading Ahead For Rubber Market Amid Supply Concerns
By Siti Noor Afera Abu KUALA LUMPUR, May 31 (Bernama) -- The local rubber market is likely to remain on a downtrend next week as businesses are still cautious about the global market outlook, according to the Malaysian Rubber Glove Manufacturers Association (MARGMA). The association said prices will likely be affected by the supply shortages due to the weather conditions, the strength of the ringgit, crude oil price movements, and the unpredictable nature of the United States-China trade relations and China's economic policies. 'These will contribute to a volatile and uncertain market for rubber in the coming week,' MARGMA told Bernama. Industry expert Denis Low also echoed this view, noting that weather-driven supply disruptions could further add to market volatility. For the week just ended, the Kuala Lumpur rubber market ended on a downtrend this week, weighed down by declines in regional rubber futures markets, weaker benchmark crude oil prices and a stronger ringgit against the US dollar. On a week-to-week basis, the Malaysian Rubber Board's reference price for Standard Malaysian Rubber 20 (SMR 20) fell by 42 sen to 698.5 sen per kilogramme (kg), while latex in bulk decreased by 6.5 sen to 620.5 sen per kg. The Kuala Lumpur rubber market will be closed on June 2, 2025 (Monday) in conjunction with His Majesty Sultan Ibrahim's official birthday and will commence operations on Tuesday. -- BERNAMA
Barnama
30-05-2025
- Business
- Barnama
CPO FUTURES SLIP ON WEAK SOYBEAN OIL, SNAPPING 5-DAY RALLY
WORLD By Siti Noor Afera Abu KUALA LUMPUR, May 30 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives snapped its five-day rally to close lower on Friday, dragged down by weakness in the soybean oil market, said palm oil trader David Ng. He noted that key support and resistance levels are seen at RM3,800 and RM4,000 per tonne respectively. Meanwhile, Fastmarkets Palm Oil Analytics senior analyst Dr Sathia Varqa said CPO futures close lower as traders booked their profits ahead of the long weekend. At the close, the spot month June 2025 contract lost RM41 to RM3,888 per tonne, July 2025 decreased by RM51 to RM3,491 per tonne, and August 2025 went down RM54 to RM3,878 per tonne. September 2025 was RM51 lower at RM3,870 per tonne, October 2025 slid by RM49 to RM3,870 per tonne, and November 2025 eased RM46 to RM3,874 per tonne. Trading volume fell to 59,698 lots from 69,553 lots yesterday, while open interest narrowed to 241,994 contracts from 244,448 contracts previously. The physical CPO price for June South fell by RM30 to RM3,930 per tonne. Bursa Malaysia Bhd and its subsidiaries will be closed on June 2 in conjunction with the official birthday of His Majesty Sultan Ibrahim, King of Malaysia and would resume operations on June 3 (Tuesday).
Barnama
27-05-2025
- Business
- Barnama
CPO Futures Extend Gains, Lifted By Stronger Soybean Oil Prices
WORLD By Siti Noor Afera Abu KUALA LUMPUR, May 27 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives continued its upward trend to close higher today, as market sentiments were boosted by the rise in soybean oil prices on the Chicago Board of Trade. Palm oil trader David Ng said expectations of increased demand for CPO from China and other markets also contributed to the rise in prices. 'We see support at RM3,800 per tonne and resistance at RM4,000 per tonne,' he told Bernama. At the close, the spot month June 2025 contract rose by RM32 to RM3,867 per tonne, July 2025 increased by RM32 to RM3,875 per tonne, and August 2025 went up RM35 to RM3,868 per tonne. September 2025 advanced by RM37 to RM3,862 per tonne, October 2025 gained RM36 to RM3,865 per tonne, and November 2025 rose by RM33 to RM3,866 per tonne. Trading volume widened to 49,593 lots from 34,817 yesterday, while open interest was slightly lower at 243,185 contracts from 243,913 contracts previously. The physical CPO price for June South was increased by RM30 to RM3,900 per tonne. -- BERNAMA
