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Business Recorder
5 days ago
- Business
- Business Recorder
Palm oil makes more than 3% weekly gain for highest close in 14 weeks
JAKARTA: Malaysian palm oil futures closed higher on Friday and posted a third consecutive weekly gain, supported by strength in rival edible oils in Dalian and Chicago. The futures also booked a 3.40% weekly gain and the highest close in 14 weeks. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange gained 106 ringgit, or 2.52%, to 4,316 ringgit ($1,017.92) a metric ton at the close. 'Palm oil prices rose supported by strength in Chicago soyoil and Dalian palm and soyoil futures, alongside expectations of a weaker ringgit due to a strong U.S. dollar,' said Darren Lim, a commodities strategist at Singapore-based brokerage Phillip Nova. Dalian's most-active soyoil contract rose 1.34%, while its palm oil contract increased 2.28%. Soyoil prices on the Chicago Board of Trade were up 1%. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Oil prices edged higher on Friday, heading for a small weekly loss, as investors weighed new European Union sanctions against Russia. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. Malaysian palm oil lower on profit-taking According to independent inspection company AmSpec Agri Malaysia, exports of Malaysian palm oil products for the July 1-15 period fell 5.3% from June 1-15, while cargo surveyor Intertek Testing Services reported a 6.2% drop. Meanwhile, Malaysia has hiked its August crude palm oil reference price, raising export duties to 9% from 8.5% in July. Indonesia's biodiesel consumption reached 7.42 million kilolitres this year, as of July 16, 47.5% of 2025's allocation. Indonesia's plantation fund agency estimates levies collected on palm oil will touch 30 trillion rupiah ($1.84 billion) this year, enough to finance the country's biodiesel mandate.
New Straits Times
5 days ago
- Business
- New Straits Times
Palm tracks rival edible oils higher, heads for third weekly gains
JAKARTA: Malaysian palm oil futures traded higher on Friday and headed for a third consecutive weekly gain, tracking the rise in rival edible oils at Dalian and Chicago markets. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange gained RM80, or 1.9 per cent, to RM4,290 (US$1,010.84) a metric ton by the midday break. The contract has gained 2.78 per cent this week. "Palm oil prices rose supported by strength in Chicago soyoil and Dalian palm and soyoil futures, alongside expectations of a weaker ringgit due to a strong U.S. dollar," said Darren Lim, a commodities strategist at Singapore-based brokerage Phillip Nova. Dalian's most-active soyoil contract rose 0.94 per cent, while its palm oil contract increased 1.53 per cent. Soyoil prices on the Chicago Board of Trade were up 0.78 per cent. 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, weakened 0.05 per cent against the dollar, making the commodity cheaper for holders of foreign currencies. According to independent inspection company AmSpec Agri Malaysia, exports of Malaysian palm oil products for the July 1-15 period fell 5.3 per cent from June 1-15, while cargo surveyor Intertek Testing Services reported a 6.2 per cent drop. Meanwhile, Malaysia has hiked its August crude palm oil reference price, raising export duties to 9 per cent from 8.5 per cent in July. Indonesia's biodiesel consumption reached 7.42 million kilolitres this year, as of July 16, 47.5 per cent of 2025's allocation. Indonesia's plantation fund agency estimates levies collected on palm oil will touch 30 trillion rupiah (US$1.84 billion) this year, enough to finance the country's biodiesel mandate. Palm oil may retest resistance at RM4,316 per metric ton, a break above which could lead to a gain into RM4,354 to RM4,392 range, Reuters technical analyst Wang Tao said.
Business Recorder
14-07-2025
- Business
- Business Recorder
Palm oil gains tracking rival oils, higher crude prices
Malaysian palm oil futures closed higher on Monday, tracking stronger rival edible oils and higher crude prices, and also supported by a weaker ringgit. The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange gained 58 ringgit, or 1.39%, to 4,232 ringgit ($995.76) a metric ton at the close. 'Prices are supported by firm crude oil, which continues to bolster edible oil markets globally,' Darren Lim, commodities strategist at Singapore-based brokerage Phillip Nova, said. 'The slight weakness in the ringgit has also sustained buying interest, making Malaysian palm oil more competitive internationally.' Dalian's most-active soyoil contract increased 0.3%, while its palm oil contract gained 0.71%. Soyoil prices on the Chicago Board of Trade rose 0.8%. Palm oil tracks the price movements of rival edible oils as it competes for a share of the global vegetable oils market. Oil prices rose on Monday and reached their highest level in three weeks, as investors eyed further U.S. sanctions on Russia that may affect global supplies, while higher oil imports by China also offered support. Palm rises for two consecutive weeks on stronger rival oils Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. The ringgit, palm's currency of trade, slightly weakened 0.02% against the dollar, making the commodity cheaper for buyers holding foreign currencies. India's palm oil imports jumped to an 11-month high in June as refiners ramped up purchases due to a price discount compared to rival soyoil and sunflower oil, and to replenish depleted inventories, an industry body said on Monday. 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. 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.
Business Recorder
14-07-2025
- Business
- Business Recorder
Palm oil gains tracking Dalian, crude, weak ringgit lends support
JAKARTA: Malaysian palm oil futures extended gains on Monday, tracking stronger rival edible oils atthe Dalian market and crude and supported by a weaker ringgit. The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange gained 32 ringgit, or 0.77%, to 4,206 ringgit ($989.41) a metric ton by the midday break. 'Prices are supported by firm crude oil, which continues to bolster edible oil markets globally,' Darren Lim, commodities strategist at Singapore-based brokerage Phillip Nova, said. 'The slight weakness in the ringgit has also sustained buying interest, making Malaysian palm oil more competitive internationally.' Dalian's most-active soyoil contract increased 0.25%, while its palm oil contract gained 0.62%. Soyoil prices on the Chicago Board of Trade rose slightly to 0.02%. Palm oil tracks the price movements of rival edible oils as it competes for a share of the global vegetable oils market. Palm rises for two consecutive weeks on stronger rival oils Oil prices nudged higher, adding to gains of more than 2% from Friday, as investors eyed further U.S. sanctions on Russia that may affect global supplies, but a ramp-up in Saudi output and ongoing tariff uncertainty limited gains. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. The ringgit, palm's currency of trade, slightly weakened 0.02% against the dollar, making the commodity cheaper for buyers holding foreign currencies. 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. 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. Palm oil may test support at 4,134 ringgit per metric ton and a break could trigger a drop towards the 4,034-4,058 ringgit range, Reuters technical analyst Wang Tao said.
Business Recorder
10-07-2025
- Business
- Business Recorder
Malaysian palm oil falls on rising June stockpile
JAKARTA: Malaysian palm oil futures fell on Thursday, snapping three sessions of gains as inventory in the world's second-largest palm oil exporter rose to an 18-month high. The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange was down 10 ringgit, or 0.24%, to 4,147 ringgit a metric ton at closing. 'Weaker-than-expected exports in June 2025, combined with an increase in stockpile levels, pressured prices,' said Darren Lim, commodities strategist at brokerage Phillip Nova. Malaysia's palm oil stocks rose 2.41% to 2.03 million metric tons at the end of June, the fourth consecutive monthly increase, as an unexpected drop in exports outweighed the slump in production and a spike in domestic consumption, data from the Malaysian Palm Oil Board (MPOB) showed on Thursday. Exports of Malaysian palm oil products for July 1-10 are estimated to have risen between 5.3% and 12%, according to data from cargo surveyor Intertek Testing Services and inspection company AmSpec Agri Malaysia. Dalian's most-active soyoil contract was up 0.28%, while its palm oil contract lost 0.21%. Soyoil prices on the Chicago Board of Trade rose 0.81%. Palm oil tracks prices of rival edible oils, as it competes for a share of the global vegetable oils market. Palm oil FCPOc3 may retest support at 4,134 ringgit per metric ton, a break below which could open the way towards the 4,096 ringgit to 4,115 ringgit range, according to Reuters technical analyst Wang Tao.
