Latest news with #BursaMalaysiaDerivativesExchange
Business Recorder
11 hours ago
- Business
- Business Recorder
Palm extends losses on weak rival oils, concerns over rising output, stocks
KUALA LUMPUR: Malaysian palm oil futures traded lower for a second session on Monday, weighed down by weak rival edible oils, while concerns over rising output and inventory levels also pressured prices. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange slid 34 ringgit, or 0.8%, to 4,239 ringgit ($1,002.60) a metric ton at the close. Crude palm oil traded lower due to weakness in the Dalian and the soyoil market during Asian hours, said David Ng, a proprietary trader at Kuala Lumpur-based trading firm Iceberg X Sdn Bhd. 'Rising production and stock levels could be seen as weighing down on market sentiment as well,' he said. Dalian's most-active soyoil contract fell 0.49%, while its palm oil contract shed 0.42%. Soyoil prices on the Chicago Board of Trade (CBOT) lost 0.29%. Palm oil tracks the price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Palm snaps three-week rally on profit-taking, output concerns Oil prices edged higher as investors assessed a trade deal between the United States and the European Union, while a stronger U.S. dollar and lower oil imports by India weighed on prices. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. Cargo surveyors estimated exports of Malaysian palm oil products for July 1-25 to have fallen between 9.2% and 15.2% from a month earlier. The ringgit, palm's currency of trade, weakened 0.24 against the U.S. dollar, making the commodity slightly cheaper for buyers holding foreign currencies.
Business Recorder
16 hours ago
- Business
- Business Recorder
Palm slides on weak rival oils, concerns over rising output, stocks
KUALA LUMPUR: Malaysian palm oil futures extended losses to a second session on Monday, tracking weak rival edible oils, while concerns over rising output and inventory levels also pressured prices. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange slid 31 ringgit, or 0.73%, to 4,242 ringgit ($1,005.69) a metric ton at the midday break. Crude palm oil traded lower due to weakness in the Dalian and the soyoil market during Asian hours, said David Ng, a proprietary trader at Kuala Lumpur-based trading firm Iceberg X Sdn Bhd. 'Rising production and stock levels could be seen as weighing down on market sentiment as well,' he said. Dalian's most-active soyoil contract fell 0.61%, while its palm oil contract shed 0.89%. Soyoil prices on the Chicago Board of Trade (CBOT) lost 0.32%. Palm oil tracks the price movements of rival edible oils, as they compete for a share of the global vegetable oils market. Meanwhile, oil prices rose after the U.S. reached a deal with the European Union and may extend a tariff pause with China, easing concerns that potentially higher levies would limit economic activity and impact fuel demand. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. Cargo surveyors estimated exports of Malaysian palm oil products for July 1-25 to have fallen between 9.2% and 15.2% from a month earlier. The ringgit, palm's currency of trade, remained unchanged against the U.S dollar. Palm oil may test support at 4,211 ringgit per metric ton, a break below which could open the way towards 4,161 ringgit, Reuters technical analyst Wang Tao said.
New Straits Times
19 hours ago
- Business
- New Straits Times
Palm falls on weak rival oils, stronger crude oil limits decline
KUALA LUMPUR: Malaysian palm oil futures opened lower on Monday for a second session, tracking weakness in rival edible oils, although stronger crude oil prices capped the fall. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange slid RM19, or 0.44 per cent, to RM4,254 (US$1,008.30) a metric ton in early trade. Dalian's most-active soyoil contract fell 0.42 per cent, while its palm oil contract shed 0.78 per cent. Soyoil prices on the Chicago Board of Trade were down 0.38 per cent. Palm oil tracks price movements of rival edible oils, as they compete for a share of the global vegetable oils market. Oil prices rose after the US reached a trade deal with the European Union and may extend a tariff pause with China, reducing concerns that potentially higher levies would limit economic activity and impact fuel demand. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. Cargo surveyors estimated that exports of Malaysian palm oil products for July 1–25 fell between 9.2 per cent and 15.2 per cent from a month earlier. The ringgit, palm's currency of trade, weakened 0.02 per cent against the dollar, making the commodity slightly cheaper for buyers holding foreign currencies. Palm oil may test support at RM4,211 per metric ton, a break below which could open the way towards RM4,161, Reuters technical analyst Wang Tao said.
Business Recorder
2 days ago
- Business
- Business Recorder
Palm oil snaps three-week rally on profit-taking
KUALA LUMPUR: Malaysian palm oil futures ended more than 1% lower on Friday, snapping a three-week rally, as traders booked profits and concerns over rising output amid sluggish demand weighed on prices. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange slid 54 ringgit, or 1.25%, to 4,276 ringgit ($1,013.75) a metric ton at the close. The contract fell 0.9% this week. Crude palm oil prices have dipped after a recent rally due to profit-taking, said Paramalingam Supramaniam, director at brokerage Pelindung Bestari. Signs of a recovery in production amid tepid demand are also contributing to the decline, he added. Malaysia's crude palm oil production is likely to rise to 19.5 million metric tons in 2025 from 19.3 million tons a year earlier, the Malaysian Palm Oil Board said. Cargo surveyors estimated that exports of Malaysian palm oil products for July 1-25 fell between 9.2% and 15.2% from a month earlier. 'The market is aware of potential output increases in the third quarter and current demand trends suggest that unless there is a pick up in demand, end stocks could rise above 2.1 million metric tons in July,' Paramalingam said.
Business Recorder
3 days ago
- Business
- Business Recorder
Palm snaps three-week rally on profit-taking, output concerns
KUALA LUMPUR: Malaysian palm oil futures ended more than 1% lower on Friday, snapping a three-week rally, as traders booked profits and concerns over rising output amid sluggish demand weighed on prices. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange slid 54 ringgit, or 1.25%, to 4,276 ringgit ($1,013.75) a metric ton at the close. The contract fell 0.9% this week. Crude palm oil prices have dipped after a recent rally due to profit-taking, said Paramalingam Supramaniam, director at brokerage Pelindung Bestari. Signs of a recovery in production amid tepid demand are also contributing to the decline, he added. Malaysia's crude palm oil production is likely to rise to 19.5 million metric tons in 2025 from 19.3 million tons a year earlier, the Malaysian Palm Oil Board said. Cargo surveyors estimated that exports of Malaysian palm oil products for July 1-25 fell between 9.2% and 15.2% from a month earlier. Malaysian palm oil climbs on short-covering 'The market is aware of potential output increases in the third quarter and current demand trends suggest that unless there is a pick up in demand, end stocks could rise above 2.1 million metric tons in July,' Paramalingam said. Dalian's most-active soyoil contract rose 0.39%, while its palm oil contract shed 0.95%. Soyoil prices on the Chicago Board of Trade were down 0.41%. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Oil prices were stable, as trade talk optimism supported the outlook for both the global economy and oil demand, balancing news of the potential for more oil supply from Venezuela. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. Meanwhile, the ringgit, palm's currency of trade, weakened 0.12% against the dollar, making the commodity slightly cheaper for buyers holding foreign currencies.
