Latest news with #BursaMalaysiaDerivativesExchange
New Straits Times
5 hours ago
- Business
- New Straits Times
Palm tracks Dalian palm olein and Chicago soyoil lower
KUALA LUMPUR: Malaysian palm oil futures opened lower on Friday, erasing all the gains made so far this week, as weakness in Dalian palm olein and Chicago soyoil outweighed support from stronger crude oil prices. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange slid RM65, or 1.5 per cent, to RM4,265 (US$1,011.14) a metric tonne in early trade. The contract has declined 0.09 per cent so far this week after three straight weeks of gains. Dalian's most-active soyoil contract rose zero point four nine per cent, while its palm oil contract shed zero point six nine per cent. Soyoil prices on the Chicago Board of Trade were down zero point three five per cent. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Oil prices rose, buoyed by optimism over a potential trade deal between the US and the European Union and reports of Russian plans to restrict gasoline exports to most countries. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. The ringgit, palm's currency of trade, weakened zero point one four per cent against the US dollar, making the commodity slightly cheaper for buyers holding foreign currencies. Indonesia's palm oil exports are likely to fall to 28 million metric tonnes in 2025 from 29.5 million tonnes shipped a year earlier, the Indonesian Palm Oil Association said. Malaysia's crude palm oil production is likely to rise to 19.5 million tonnes in 2025 from last year's 19.3 million tonnes, as labour supply has improved, the Malaysian Palm Oil Board said. Palm oil may test support at RM4,273 per tonne, a break below which could open the way towards RM4,211, Reuters technical analyst Wang Tao said.
Business Recorder
8 hours ago
- Business
- Business Recorder
Palm oil extends gains on strong rival oils
KUALA LUMPUR: Malaysian palm oil futures ended higher on Thursday for a third consecutive session, tracking gains in rival edible oils, though higher production estimates and a stronger ringgit capped the rise. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange gained 15 ringgit, or 0.35%, at 4,330 ringgit ($1,027.77) a metric ton at the close. 'The higher-than-expected production scenario has halted the rally in palm oil prices, while the ringgit continues to strengthen against the US dollar, which is also contributing to the decline in the ringgit-denominated contract,' said Anilkumar Bagani, research head at Sunvin Group. Adding to the cautious mood, fresh palm oil purchases by India have slowed down due to a sharp surge in prices, Bagani said. Dalian's most-active soyoil contract rose 1.16%, while its palm oil contract added 1.34%. Soyoil prices on the Chicago Board of Trade were up 0.59%. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. The ringgit, palm's currency of trade, strengthened 0.28% against the dollar, making the commodity more expensive for buyers holding foreign currencies. Oil prices rose more than 1%, buoyed by optimism over US trade negotiations that would ease pressure on the global economy and a sharper-than-expected decline in US crude inventories.
Business Recorder
a day ago
- Business
- Business Recorder
Palm opens in tight range as strong rival oils counter firm ringgit
KUALA LUMPUR: Malaysian palm oil futures traded in a tight range on Thursday, as support from stronger rival edible oils and crude oil prices countered the impact of a firmer ringgit. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange slid 2 ringgit, or 0.05%, to 4,313 ringgit ($1,022.52) a metric ton in early trade. The contract rose for the past two sessions.
Business Recorder
a day ago
- Business
- Business Recorder
Malaysian palm oil climbs on short-covering
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. Oil prices were steady after falling for three consecutive sessions as a US 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 Com-mission.
Business Recorder
2 days ago
- Business
- Business Recorder
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.
