Latest news with #AnilkumarBagani
Business Recorder
7 days ago
- Business
- Business Recorder
Palm up as strong Dalian oils counter weak crude, Chicago soyoil
KUALA LUMPUR: Malaysian palm oil futures rose for the second consecutive session on Thursday, as stronger rival Dalian oils supported the market while weakness in crude oil and Chicago soyoil limited the gains. The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange gained 31 ringgit, or 0.76%, to 4,093 ringgit ($969.91) a metric ton at the close. The bullish momentum in Chinese vegetable oils during Asian hours supported the market, said Anilkumar Bagani, research head at Mumbai-based vegetable oil broker Sunvin Group. However, a downward push in Chicago soyoil futures and a slide in energy prices capped the gains, he added. Dalian's most-active soyoil contract rose 0.15%, while its palm oil contract added 1.22%. Soyoil prices on the Chicago Board of Trade fell 0.05%. Palm oil tracks the price movements of rival edible oils as it competes for a share of the global vegetable oils market. enter link description here Oil prices fell after gaining 3% in the previous session as investors are wary higher U.S. tariffs may be reinstated, which could cause lower fuel demand, and as major producers are expected to announce an output hike. Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. The ringgit, palm's currency of trade, strengthened 0.14% against the dollar, making the commodity slightly more expensive for buyers holding foreign currencies.
Business Recorder
03-07-2025
- Business
- Business Recorder
Palm trades sideways as strong Dalian oils counter weak crude, Chicago soyoil
KUALA LUMPUR: Malaysian palm oil futures traded in a tight range on Thursday, as strength in rival Dalian oils provided support while weakness in crude oil and Chicago soyoil limited the gains. The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange gained 12 ringgit, or 0.3%, to 4,074 ringgit ($965.17) a metric ton at the midday break. The contract rose 2.37% on Wednesday. Crude palm oil futures were seen trading sideways as bullish momentum in Chinese vegetable oils during Asian hours supported the market, said Anilkumar Bagani, research head at Mumbai-based vegetable oil broker Sunvin Group. However, a downward push in Chicago soyoil futures and a slide in energy prices capped the gains, he added. Dalian's most-active soyoil contract rose 0.28%, while its palm oil contract added 1.12%. Soyoil prices on the Chicago Board of Trade (CBOT) fell 0.93%. Palm oil tracks the price movements of rival edible oils as it competes for a share of the global vegetable oils market. Malaysian palm oil higher on better demand Oil prices eased, reversing Wednesday's gains, on concerns over weak US demand after government data showed a surprise stock buildup in the world's biggest crude consumer. Weaker crude oil futures make palm a less 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. Palm oil may extend gains to 4,133 ringgit per metric ton, as suggested by a projection analysis, Reuters technical analyst Wang Tao said.
Barnama
26-06-2025
- Business
- Barnama
CPO Futures Ends Higher
By Nurunnasihah Ahmad Rashid KUALA LUMPUR, June 26 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended the short week higher following lower-than-expected palm oil production pace and robust June export performance, said a commodity analyst. Mumbai-based Sunvin Group commodity research head Anilkumar Bagani said the reduction in the Malaysian palm oil export tax and the signing of the Malaysia-European Free Trade Association Economic Partnership Agreement also supported the better performance today. 'However, renewed weakness in Chicago Board of Trade soybean oil futures, lack of destination buying apart from India, stronger ringgit and the likelihood of unchanged Indonesian palm oil export taxes and levies for July capped the gains in ringgit-denominated Malaysian palm oil futures,' he told Bernama. He said the Malaysian Palm Oil Association estimated Malaysian palm oil production during the June 1-20 period, down by 4.56 per cent, in line with the UOB Kay Hian estimate of a -1 per cent to -5 per cent reduction, but production is lower than previously thought of an unchanged to two per cent decline. At the close, the spot-month July and August 2025 contracts increased by RM47 each to RM3,986 per tonne and RM4,005 per tonne, respectively, while September 2025 improved by RM46 to RM4,011 per tonne. October 2025 went up RM42 to RM4,011 per tonne, November 2025 rose by RM39 to RM4,017 per tonne, and December 2025 gained RM37 to RM4,031 per tonne. Trading volume decreased to 63,167 lots from 64,359 on Wednesday, while open interest fell to 224,560 contracts from 231,315 previously. The physical CPO price for July South increased by RM20 to RM4,020 per tonne.
Business Recorder
19-06-2025
- Business
- Business Recorder
Palm flat as strong Dalian oils counter weak demand
KUALA LUMPUR: Malaysian palm oil futures were largely flat on Thursday as stronger rival Dalian oils supported the market, while weak demand from key markets, including India, countered the gains. The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange rose 2 ringgit, or 0.05%, to 4,102 ringgit ($963.59) a metric ton at the close. The market was trading sideways following an upward momentum seen in Chinese vegetable oil futures in Asian hours, and the persistent bullish trend in ultra-low sulfur diesel (ULSD) futures, said Anilkumar Bagani, research head at Mumbai-based vegetable oil broker Sunvin Group. But a lack of fresh buying support from destination markets and the weak buying demand from India capped the gains, Bagani added. Dalian's most-active soyoil contract rose 1.44%, while its palm oil contract added 0.45%. The Chicago Board of Trade was closed for a public holiday. Palm oil tracks price movements of rival edible oils as it competes for a share of the global vegetable oils market. Oil prices rose after Israel and Iran continued to exchange missile attacks overnight and U.S. President Donald Trump's stance on the conflict kept investors on edge. Indian refiners cancel palm oil orders for July-Sept as prices surge Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. 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. The ringgit, palm's currency of trade, weakened 0.21%against the U.S. dollar, making the commodity slightly cheaper for buyers holding foreign currencies.
Business Recorder
12-06-2025
- Business
- Business Recorder
Palm rises on bargain buying, Chicago soyoil
JAKARTA: Malaysian palm oil futures rebounded on Thursday after two straight sessions of losses, supported by strength in Chicago soyoil, and bargain buying. The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange gained 35 ringgit, or 0.91%, to 3,874 ringgit ($916.71)a metric ton by the midday break. 'Bursa Malaysia CPO futures initially opened with a mixed to lower trend, but later experienced a recovery due to bargain buying, following a sharp rally in energy prices and indications of stability in Chinese vegetable oil futures,' said Anilkumar Bagani, commodity research at Mumbai-based brokerage Sunvin Group. Strength in Chicago soyoil during Asian trading hours also added support to the contract, he said. Dalian's most-active soyoil contract was down 0.23% while its palm oil contract was up 0.02%. Soyoil on the Chicago Board of Trade (CBOT) gained 0.35%. India's palm oil imports in May rise over 84% m/m, trade body says Palm oil tracks the price movements of rival edible oils as it competes for a share of the global vegetable oils market. Malaysian ringgit, the contract currency of trade, strengthened 0.21% against the U.S. dollar, making the contract more expensive for foreign currency holders. Palm oil may retest the support level of 3,812 ringgit per metric ton, with a good chance of breaking below it and falling towards 3,768 ringgit.
