Latest news with #AnilkumarBagani
Business Recorder
13 hours ago
- Business
- Business Recorder
Malaysian palm oil soars on stronger rival oils
JAKARTA: Malaysian palm oil futures rose on Friday and logged its second weekly gain despite higher June stocks, as stronger rival edible oils and a weaker ringgit underpinned the market. The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange gained 29 ringgit, or 0.7%, to 4,175 ringgit ($982.35) a metric ton at closing. The contract rose 2.78% for the week. 'Bursa Malaysia crude palm oil futures opened gap higher today following sharply higher Dalian's refined bleached deodorized palm olein,' said Anilkumar Bagani, commodity research head at Mumbai-based brokerage Sunvin Group. Dalian's most-active soyoil contract increased 0.73%, while its palm oil contract gained 0.63%. Soyoil prices on the Chicago Board of Trade (CBOT) fell 0.64%. Palm oil tracks the price movements of rival edible oils as it competes for a share of the global vegetable oils market. 'Malaysia Palm Oil Board data on Thursday was slightly bearish, but the market has ignored it, in view of the delayed shipments from June into July would accelerate the total July palm oil export,' Bagani said. Malaysia's palm oil stocks rose 2.41% to an 18-month high of 2.03 million tons at the end of June, industry regulator data showed. Meanwhile, exports of Malaysian palm oil products during July 1-10 were estimated to have risen between 5.3% and 12% from a month earlier, according to data from cargo surveyor Intertek Testing Services and inspection company AmSpec Agri Malaysia. Oil prices were stable on Friday on a weaker market outlook for this year by the International Energy Agency (IEA) despite tightness in the prompt market, US tariff concerns and possible further sanctions on Russia. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. The ringgit, palm's currency of trade, weakened 0.12% against the dollar, making the commodity cheaper for buyers holding foreign currencies. Palm oil is likely to break support at 4,134 ringgit per ton and fall towards the 4,072-4,096 ringgit range, Reuters technical analyst Wang Tao said.
Business Recorder
2 days ago
- Business
- Business Recorder
Palm rises for two consecutive weeks on stronger rival oils
JAKARTA: Malaysian palm oil futures rose on Friday and logged its second weekly gain despite higher June stocks, as stronger rival edible oils and a weaker ringgit underpinned the market. The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange gained 29 ringgit, or 0.7%, to 4,175 ringgit ($982.35) a metric ton at closing. The contract rose 2.78% for the week. 'Bursa Malaysia crude palm oil futures opened gap higher today following sharply higher Dalian's refined bleached deodorized palm olein,' said Anilkumar Bagani, commodity research head at Mumbai-based brokerage Sunvin Group. Dalian's most-active soyoil contract increased 0.73%, while its palm oil contract gained 0.63%. Soyoil prices on the Chicago Board of Trade (CBOT) fell 0.64%. 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 falls on rising June stockpile 'Malaysia Palm Oil Board data on Thursday was slightly bearish, but the market has ignored it, in view of the delayed shipments from June into July would accelerate the total July palm oil export,' Bagani said. Malaysia's palm oil stocks rose 2.41% to an 18-month high of 2.03 million tons at the end of June, industry regulator data showed. Meanwhile, exports of Malaysian palm oil products during July 1-10 were estimated to have risen between 5.3% and 12% from a month earlier, according to data from cargo surveyor Intertek Testing Services and inspection company AmSpec Agri Malaysia. Oil prices were stable on Friday on a weaker market outlook for this year by the International Energy Agency (IEA) despite tightness in the prompt market, U.S. tariff concerns and possible further sanctions on Russia. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. The ringgit, palm's currency of trade, weakened 0.12% against the dollar, making the commodity cheaper for buyers holding foreign currencies. Palm oil is likely to break support at 4,134 ringgit per ton and fall towards the 4,072-4,096 ringgit range, Reuters technical analyst Wang Tao said.
The Star
3 days ago
- Business
- The Star
Malaysia's palm oil stocks hit 18-month high in June on surprise exports slump
KUALA LUMPUR: Malaysia's palm oil stocks jumped to their highest in 18 months in June, as an unexpected drop in exports outweighed the slump in production and a spike in domestic consumption, data from the industry regulator showed on Thursday. The rise in inventories in the world's second-biggest producer of tropical oil could weigh benchmark Malaysian futures , which were trading near their highest in nearly three months. Palm oil inventories at the end of June rose 2.41% month-on-month, the fourth consecutive monthly increase, to 2.03 million metric tons, the highest since December 2023, data from the Malaysian Palm Oil Board (MPOB) showed. Palm oil exports plunged 10.52% to 1.26 million tons, while crude palm oil production fell for the first time in four months in June, dropping 4.48% from May to 1.69 million tons, MPOB said. Domestic palm oil consumption last month jumped 44% from May to 455,150. A Reuters survey had forecast June inventories at 1.99 million tons, with output seen at 1.7 million tons and exports at 1.45 million tons. The MPOB report is slightly bearish for palm oil, as the market wasn't expecting a big drop in exports, which lifted stock levels above 2 million tons, said Anilkumar Bagani, research head of Mumbai-based vegetable oil broker Sunvin Group. A few cargoes loaded in June might actually get dispatched in July because of port congestion in India and as Malaysia has lowered the export duty for July shipments, said a New Delhi-based dealer with a global trade house. Malaysia has lowered its July crude palm oil reference price, a change that brought down the export duty to 8.5% from 9.5% in June. "We could see a jump in July exports due to the roll-over of cargoes from June. Besides, some exporters might advance August shipments to July because of the lower export duty," the dealer said. Malaysia's palm oil exports in the first ten days of July rose 12% compared to the first ten days of June, independent inspection company AmSpec Agri Malaysia said on Thursday. - Reuters
Business Recorder
03-07-2025
- 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.
