Palm opens lower on weak soyoil, strong ringgit
The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange slid 34 ringgit, or 0.79%, to 4,281 ringgit ($1,010.62) a metric ton in early trade.
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Palm climbs on short-covering, firmer palm olein, Chicago soyoil
KUALA LUMPUR: Malaysian palm oil futures settled higher on Wednesday, extending gains from the previous session, supported by short-covering and gains in Dalian palm olein as well as Chicago soyoil. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange gained 52 ringgit, or 1.22%, to 4,316 ringgit ($1,021.54) a metric ton at the close. Strength in Dalian palm olein and Chicago soyoil markets spilled over into crude palm oil futures, a Kuala Lumpur-based trader said. 'Dalian's rally was driven by both short-covering and technical buying.' Benchmark crude palm oil futures hit a midday high of 4,334 ringgit, with short-covering likely emerging after prices broke above the 4,300-ringgit level, the trader added. Dalian's most-active soyoil contract added 0.02%, while its palm oil contract rose 0.74%. Soyoil prices on the Chicago Board of Trade gained 0.72%. Palm oil tracks the price movements of rival edible oils as it competes for a share of the global vegetable oils market. Palm ends higher despite uncertainty over US trade deals that kept market volatile Oil prices were steady after falling for three consecutive sessions as a U.S. tariff deal with Japan improved global trade sentiment. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. The ringgit, palm's currency of trade, strengthened 0.09% against the dollar, making the commodity slightly more expensive for buyers holding foreign currencies. European Union soybean imports for the 2025-26 season that began on July 1 reached 519,609 million metric tons by July 20, down 32% year-on-year. Palm oil imports fell 53% year-on-year to 93,234 million tons, according to data published by the European Commission.
Business Recorder
8 hours ago
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Palm rises on short-covering, firmer palm olein, Chicago soyoil
KUALA LUMPUR: Malaysian palm oil futures rose on Wednesday, extending gains from the previous session, as short-covering by traders and strength in Dalian palm olein and Chicago soyoil lent support. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange gained 66ringgit, or 1.55%, to 4,330 ringgit ($1,025.09) a metric ton at the midday break. Strength in Dalian palm olein and Chicago soyoil markets spilled over into crude palm oil futures during the session, a Kuala Lumpur-based trader said. 'Dalian's rally was driven by both short-covering and technical buying.' Benchmark crude palm oil futures hit a midday high of 4,334 ringgit, with short-covering likely emerging after prices broke above the 4,300-ringgit level, the trader added. Dalian's most-active soyoil contract added 0.3%, while its palm oil contract rose 1.59%. Soyoil prices on the Chicago Board of Trade gained 0.79%. Palm oil tracks the price movements of rival edible oils as it competes for a share of the global vegetable oils market. Oil prices climbed in Asian trade after falling for three consecutive sessions as a U.S. trade deal with Japan signalled progress on tariffs, though gains were capped by fading hopes for a breakthrough at an EU-China summit. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. The ringgit, palm's currency of trade, strengthened 0.12% against the dollar, making the commodity slightly more expensive for buyers holding foreign currencies. European Union soybean imports for the 2025-26 season that began on July 1 reached 519,609 million metric tons by July 20, down 32% year-on-year. Palm oil imports fell 53% year-on-year to 93,234 million tons, according to data published by the European Commission. Palm oil may retest support at 4,198 ringgit per metric ton, a break below could open the way toward 4,150 ringgit, Reuters technical analyst Wang Tao said.
Business Recorder
a day ago
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Palm ends higher despite uncertainty over US trade deals that kept market volatile
KUALA LUMPUR: Malaysian palm oil futures ended higher on Tuesday, although uncertainty over potential trade deals between major Asian countries and the United States kept the market volatile. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange gained 38 ringgit, or 0.9%, to 4,263 ringgit ($1,008.04) a metric ton at the close. The contract lost about 2.1% on Monday. Crude palm oil futures were higher following overnight strength in Chicago and South American soyoil futures, said Anilkumar Bagani, research head of Mumbai-based vegetable oil broker Sunvin Group. However, Bagani said the lack of confirmation regarding any trade deals between the U.S. and major Asian countries, apart from Indonesia, continues to fuel market volatility. 'The weakness seen in Chicago soyoil and rapeseed oil, combined with a stronger Malaysian ringgit, capped the gains,' he said. Dalian's most-active soyoil contract fell 0.59%, while its palm oil contract shed 0.36%. Soyoil prices on the Chicago Board of Trade were down 0.66%. Palm oil makes more than 3% weekly gain for highest close in 14 weeks Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Oil prices declined for a third consecutive session on concerns that the brewing trade war between major crude consumers, the United States and the European Union, will curb fuel demand growth by reducing economic activity. 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 slightly more expensive for buyers holding foreign currencies.
