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New Straits Times
17 hours 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.
New Straits Times
3 days ago
- Business
- New Straits Times
Palm rises mirroring rival soyoil, crude oil
JAKARTA: Malaysian palm oil futures recovered on Wednesday after losses in the previous session, supported by gains in rival soyoil in Dalian and Chicago markets and higher crude prices. The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange gained RM31, or 0.76 per cent, to RM4,095 (US$964.89) a metric ton, as of 0232 GMT. FUNDAMENTALS Soyoil on the Chicago Board of Trade (CBOT) was up 0.44 per cent. Dalian's most active soyoil contract gained 0.95 per cent and its palm oil contract rose 0.54 per cent. Palm oil tracks the price movements of rival edible oils as it competes for a share of the global vegetable oils market. Oil prices ticked up in early trading after ending the previous session up more than 4 per cent on worries that the Iran-Israel conflict could disrupt supplies. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. Cargo surveyor Intertek Testing Services said exports of Malaysian palm oil products for June 1-15 rose 26.3 per cent, compared to May 1-15, while according to independent inspection company, AmSpec Agri Malaysia the shipments rose 17.8 per cent. Palm oil looks neutral in a range of RM4,072 to RM4,113 per metric ton, and an escape could suggest a direction, according to Reuters' technical analyst Wang Tao. MARKET NEWS Concerns over escalating hostilities in the Middle East stayed front and centre in markets, sending oil prices higher and investors rushing for the safety of US Treasuries and the dollar while dumping stocks.
New Straits Times
13-06-2025
- Business
- New Straits Times
Palm rises on crude and rival oils; set for first weekly loss in five
JAKARTA: Malaysian palm oil futures traded higher on Friday, tracking soaring crude oil prices and rival edible oils in Dalian and Chicago amid geopolitical concerns, but the market was headed to snap a four-week streak of gains. The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange gained RM76, or 1.98 per cent, to RM3,915 (US$921.50) a metric ton by the midday break. The contract has lost slightly 0.05 per cent so far this week. "Today's market is reacting towards Israel's bombing of Iran, resulting in the rise of crude oil," a Kuala Lumpur-based trader said. Oil prices surged more than 9 per cent on Friday, hitting an almost five-month high after Israel struck Iran, dramatically escalating tensions in the Middle East and raising worries about disrupted oil supplies. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. Dalian's most-active soyoil contract rose 1.4 per cent, while its palm oil contract gained 2.12 per cent. Soyoil on the Chicago Board of Trade (CBOT) added 1.43 per cent. Palm oil tracks the price movements of rival edible oils as it competes for a share of the global vegetable oils market. India's palm oil imports in May rose about 84 per cent month-on-month to 592,888 metric tons, a trade body said on Thursday. Malaysian ringgit, the palm's currency of trade, strengthened 0.75 per cent against the US dollar, making the contract more expensive for holders of foreign currencies. Palm oil may break resistance at RM3,927 per ton and rise toward the RM3,962-RM3,998 range, according to Reuters' technical analyst Wang Tao.
Business Recorder
11-06-2025
- Business
- Business Recorder
Palm falls on softer crude, rival oils and rising stocks
JAKARTA/KUALA LUMPUR: Malaysian palm oil futures declined for the second straight session on Wednesday to their lowest in more than two weeks, dragged by weaker rival edible oils, softening crude oil prices and rising May-end stocks. The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange slid 28 ringgit, or 0.72%, to 3,836 ringgit ($905.36) a metric ton by the midday break. 'Slow growth in export demand amidst high stock levels may remain, pressuring prices and dampening market sentiment,' a Kuala Lumpur-based trader said. 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 hit their highest in six months, data from the Malaysia Palm Oil Board (MPOB) showed. Cargo surveyors estimated exports of Malaysian palm oil products during June 1-10 to have risen between 8.1% and 26.4% month-on-month. European Union palm oil imports for the 2024-25 season that began in July dropped 19% to 2.69 million tons by June 8, the European Commission data showed. Demand for palm oil from India and China is expected to increase in the coming months as recent price corrections provide attractive entry points for the big buyers, an industry expert said. Dalian's most-active soyoil contract fell 0.82%, while its palm oil contract shed 2.13%. Soyoil on the Chicago Board of Trade (CBOT) lost 0.21%. Malaysian palm oil range-bound ahead of MPOB data, export estimates Palm oil tracks the price movements of rival edible oils as it competes for a share of the global vegetable oils market. Oil prices softened in Asian trade on Wednesday as markets were assessing the outcome of the US-China trade talks, yet to be reviewed by the countries' presidents, with weak oil demand from China and OPEC+ production increases weighing on the market. Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. The ringgit, palm's currency of trade, weakened 0.09% against the dollar, making the commodity slightly cheaper for buyers holding foreign currencies. Palm oil may test a resistance level of 3,889 ringgit per metric ton, a break above which could lead to a gain of up to 3,925 ringgit, Reuters technical analyst Wang Tao said.
Business Recorder
11-06-2025
- Business
- Business Recorder
Malaysian palm oil range-bound ahead of MPOB data, export estimates
JAKARTA/ KUALA LUMPUR: Malaysian palm oil futures traded in a tight range on Tuesday, as traders awaited cargo surveyors' export estimates and the Malaysia Palm Oil Board's (MPOB) supply and demand data for further cues. The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange lost 19 ringgit, or 0.48%, to 3,906 ringgit ($922.75) a metric ton by the midday break. The contract was traded between 3,900 ringgit and 3,947 ringgit per ton. 'Market remained rangebound with some profit taking ahead of MPOB data,' a Kuala Lumpur-based trader said. Malaysia's palm oil stocks at the end of May rose to 1.99 million tons in a third consecutive month increase despite surging exports, data from the Malaysian Palm Oil Board (MPOB) showed during the midday break. Dalian's most-active soyoil contract rose 0.13%, while its palm oil contract lost 0.17%. Soyoil prices on the Chicago Board of Trade were up 0.8%. 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 May 1-10 later in the day. Oil prices edged up as market participants waited for the outcome of US-China talks that could pave the way for easing trade tensions and improve fuel demand. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. The ringgit, palm's currency of trade, weakened 0.09% against the dollar, making the commodity slightly cheaper for buyers holding foreign currencies. Palm oil remains neutral in a widened range of 3,889 ringgit to 3,961 ringgit per metric ton, and an escape could suggest a direction, Reuters technical analyst Wang Tao said.
