Palm drops for a second session on weak rivals, crude oil
The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange lost 15 ringgit, or 0.37%, to 4,047 ringgit ($956.06) a metric ton by the midday break.
'Bursa Malaysia crude palm oil futures opened marginally lower, mirroring spread adjustment against the competing vegetable oils,' a Kuala Lumpur-based trader said.
Dalian's most-active soyoil contract dropped 1.05%, while its palm oil contract shed 0.42%. Soyoil prices on the Chicago Board of Trade plunged 1.76%.
Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market.
Oil prices slipped on Monday after OPEC+ surprised markets by hiking output more than expected in August, raising concerns about oversupply.
Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.
The ringgit, palm's currency of trade, weakened 0.36% against the dollar, making the commodity cheaper for buyers holding foreign currencies.
Palm logs weekly gain despite weakness in rival oils, profit taking
Malaysia's palm oil inventories likely dropped for the first time in four months in June as production fell unexpectedly while export demand remained robust for the tropical oil, a Reuters survey showed.
Palm oil FCPOc3 may fall into the 4,008 ringgit to 4,032 ringgit per metric ton range, as a five-wave cycle from 3,947 ringgit has completed, Reuters technical analyst Wang Tao said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Express Tribune
4 hours ago
- Express Tribune
Barter trade digital system developed
Pakistan, by contrast, has opted out of the ITA, one of the world's most successful digital trade agreements, whose membership has grown to 86 countries accounting for over 97% of global digital trade.: photo: file Amid persistent challenges in operationalising barter trade agreements with countries such as Russia, Iran and Afghanistan, a Karachi-based technology company has introduced a digital framework aimed at overhauling Pakistan's barter trade mechanism. Galaxefi Solutions, a private tech firm specialising in digital freight workflows, has developed a national-level system called Bartmas (Barter Trade Management System). The initiative seeks to bring transparency, efficiency and coordination to barter-based transactions, a necessity for Pakistan given its limited banking relations with several trading partners due to sanctions and geopolitical constraints. Galaxefi Founder and CEO Asif Pervez said the system is designed to move the country away from outdated manual processes that have made barter trade vulnerable to inefficiencies, mismanagement and policy blind spots. "Barter trade doesn't have to be broken. We just have to stop guessing and start measuring, digitally, transparently and in real time," he said. Bartmas aims to integrate all key national institutions through digital APIs, including the Pakistan Single Window (PSW), Federal Board of Revenue, Ministry of Commerce, National Logistics Corporation (NLC), State Bank of Pakistan (SBP) and other authorities. The proposed digital infrastructure will enable end-to-end visibility of barter journey from the initiation of barter request and customs clearance to escrow fund management and bonded warehousing, ensuring that each step is auditable and centrally traceable. According to Pervez, the process begins with barter requests initiated through a secure online dashboard, followed by real-time inventory checks to prevent domestic shortages. Contracts would be verified in coordination with regional chambers of commerce, such as the Quetta and Zahidan Chambers.
Business Recorder
4 hours ago
- Business Recorder
Carrier becomes latest global firm to sue India over electronic waste rules
NEW DELHI: The Indian unit of U.S. air conditioning giant Carrier has become the latest major firm to sue Prime Minister Narendra Modi's government over electronic waste rules that have hiked the fees manufacturers must pay to recyclers. South Korea's Samsung Electronics and LG Electronics as well as Japan's Daikin and Tata's Voltas have also brought suits, which are set to be heard by the High Court of Delhi on Tuesday. All of the companies are seeking to have the rules quashed. India is the third-biggest generator of electronic waste behind China and the U.S., but the government says only 43% of the country's e-waste last year was recycled. Modi's government in September fixed a floor price that electronics makers must pay recyclers, which manufacturers argue is roughly three to four times higher than what they paid earlier. In a 380-page court filing dated June 3, which has not been disclosed publicly, Carrier said recyclers were willing to continue their work at the older prices and the government should not interfere in private dealings between companies and recyclers. 'The burden of the benefit being given to the recyclers has been put on the producers, which is unfair and arbitrary,' said submissions by Carrier Airconditioning & Refrigeration which were reviewed by Reuters. The submissions added that the rules will impose a 'huge financial burden' on the company. Carrier did not respond to a Reuters request for comment. India's Ministry of Environment also did not respond to Reuters queries. It has previously argued in court that the pricing rules are needed to ensure proper waste disposal and were a 'reasonable' intervention. The new rules mandate a minimum payment of 22 rupees per kilogram to recycle consumer electronics. Such rates are still lower than levels in the U.S where they are up to five times higher, according to research firm Redseer. Carrier reported sales of $248 million in India last year, its highest level since at least the financial year ending March 2020. Its filing said it installed India's first-ever air conditioning system in Jaipur city in 1936.
Express Tribune
6 hours ago
- Express Tribune
Trump imposes 25% tariffs on Japan, South Korea ahead of trade deal deadline
US President Donald Trump attends the Saudi-U.S. Investment Forum, in Riyadh, Saudi Arabia, May 13, 2025. REUTERS Listen to article US President Donald Trump said Monday he was slapping 25 percent tariffs on Japan and South Korea, in his first letters to trading partners ahead of a deadline to reach a deal with Washington. Trump had said at the weekend that starting from Monday he would send a first batch of up to 15 letters to countries informing them that he would reimpose harsh levies that he had postponed in April. In near-identically worded letters to the Japanese and South Korean leaders, Trump said the tariffs would apply from August 1 because their trading relationships with Washington were "unfortunately, far from Reciprocal." Trump warned the countries, both key US allies in East Asia, of an escalation if they responded to the new US tariffs. But he also said he was ready to modify levies "downwards" if Japan and South Korea changed their trade policies. Japan's Prime Minister Shigeru Ishiba said Sunday that he "won't easily compromise" in trade talks with Washington. Trump originally announced sweeping tariffs on world economies on what he called "Liberation Day" on April 2, claiming the United States was being "ripped off." More Read: Rubio to attend ASEAN meeting in first visit to Asia Amid market turmoil, Trump then suspended the initial tariffs for 90 days, a deadline that expires on Wednesday. But the Trump administration has said that the duties will not "boomerang" back until August 1, apparently extending the deadline despite denials from officials. While the Trump administration has signaled hopes of striking dozens of deals by early July -- at one point boasting of "90 deals in 90 days" -- there have been limited results so far. Washington has unveiled pacts with only Britain and Vietnam, while the United States and China agreed to temporarily lower tariff levels on each other's products that earlier reached three-digits. Treasury Secretary Scott Bessent said there would be a number of deals coming up. "We are going to have several announcements in the next 48 hours," Bessent told CNBC in an interview Monday. "We've had a lot of people change their tune in terms of negotiations. So my mailbox was full last night with a lot of new offers, a lot of new proposals," Bessent said. There was no immediate response from the White House on whether Trump would formally extend the Wednesday deadline for the tariffs to snap back. Asked about Trump's letters, Bessent said these would inform partners of the tariff rate their products face when trading with the United States, unless they want to "come back and try to negotiate." Bessent told CNBC Monday that he would "be meeting with my Chinese counterpart sometime in the next couple of weeks." Also Read: US professors take Trump's immigration policies to court over pro-Palestinian activities The two sides have so far held high-level talks in Geneva and London. But Washington and Beijing's pause on tit-for-tat tariffs is due to expire in mid-August. On whether he was disappointed in the number of trade deals achieved so far, Trump's trade adviser Peter Navarro maintained that he is "happy with the progress we've had." "Every country that we run a major deficit with is fully engaged," he told CNBC on Monday. Trump has also threatened another 10 percent tariff on countries aligning themselves with the emerging BRICS nations, accusing them of "Anti-American policies" after they slammed his duties at a summit. For now, partners are still rushing to avert Trump's tariffs altogether. The European Commission said that EU chief Ursula von der Leyen had a "good exchange" with Trump on trade when the pair spoke Sunday.
