Latest news with #DavidNg
Business Recorder
2 days ago
- Business
- Business Recorder
Malaysian palm oil lower on weak soyoil
KUALA LUMPUR: Malaysian palm oil futures closed down on Monday, reversing the previous session's gains, as softer soyoil prices and weaker export data pressured the market. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange slid 89 ringgit, or 2.06%, to 4,226 ringgit ($998.35) a metric ton at the close. Crude palm oil futures traded lower due to weaker soybean oil prices and also declining exports, said David Ng, a proprietary trader at Kuala Lumpur-based trading firm Iceberg X Sdn Bhd. Dalian's most-active soyoil contract fell 0.47%, while its palm oil contract climbed 0.16%. Soyoil prices on the Chicago Board of Trade were down 0.79%. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Cargo surveyors estimated that exports of Malaysian palm oil products for July 1-20 fell between 3.5% and 7.3% from a month earlier. The ringgit, palm's currency of trade, strengthened 0.26% against the dollar, making the commodity more expensive for buyers holding foreign currencies. Oil prices dipped slightly, with the latest European sanctions on Russian oil expected to have minimal impact on supplies while US tariffs ensure demand concerns remain.
Business Recorder
2 days ago
- Business
- Business Recorder
Palm ends lower on weak soyoil, poor export data
KUALA LUMPUR: Malaysian palm oil futures closed down on Monday, reversing the previous session's gains, as softer soyoil prices and weaker export data pressured the market. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange slid 89 ringgit, or 2.06%, to 4,226 ringgit ($998.35) a metric ton at the close. Crude palm oil futures traded lower due to weaker soybean oil prices and also declining exports, said David Ng, a proprietary trader at Kuala Lumpur-based trading firm Iceberg X Sdn Bhd. Dalian's most-active soyoil contract fell 0.47%, while its palm oil contract climbed 0.16%. Soyoil prices on the Chicago Board of Trade were down 0.79%. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Palm oil makes more than 3% weekly gain for highest close in 14 weeks Cargo surveyors estimated that exports of Malaysian palm oil products for July 1-20 fell between 3.5% and 7.3% from a month earlier. The ringgit, palm's currency of trade, strengthened 0.26% against the dollar, making the commodity more expensive for buyers holding foreign currencies. Oil prices dipped slightly, with the latest European sanctions on Russian oil expected to have minimal impact on supplies while U.S. tariffs ensure demand concerns remain. Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.
Barnama
5 days ago
- Business
- Barnama
CPO Futures Expected To See Mild Profit-taking Next Week
WORLD By K. Naveen Prabu KUALA LUMPUR, July 19 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is expected to see mild profit-taking next week following recent gains. Palm oil trader David Ng said the commodity had rallied strongly in recent sessions, which will prompt some traders to lock in profits, and that could result in softer momentum in the near term. 'CPO prices have risen significantly over the past few sessions, breaking above RM4,300 per tonne. Profit-taking is common after such a surge, as traders tend to sell when prices are high to secure their gains,' he told Bernama. He added that after a strong rally, it is natural for the market to experience a slight pullback as participants cash out. 'We anticipate (the commodity) to trade between RM4,200 and RM4,380 per tonne next week,' he said. On a weekly basis, the August 2025 contract rose RM118 to RM4,262 per tonne, while the September 2025 contract increased RM135 to RM4,309 per tonne, and the October 2025 contract climbed RM138 to RM4,315 per tonne. The November 2025 contract added RM88 to RM4,305 per tonne, December 2025 advanced RM115 to RM4,290 per tonne, and January 2026 gained RM94 to RM4,275 per tonne. The weekly trading volume increased to 555,657 lots from 435,464 lots in the previous week, while open interest went up to 237,735 contracts from 231,427 contracts. The physical CPO price for July South increased by RM130 to RM4,290 per tonne. -- BERNAMA
Barnama
16-07-2025
- Business
- Barnama
CPO Futures End Higher On Gains In Related Markets, Weaker Ringgit
By K. Naveen Prabu KUALA LUMPUR, July 16 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed higher today supported by stronger prices in related markets. Palm oil trader David Ng said the market tracked gains in soybean oil and palm olein prices on China's Dalian Commodity Exchange (DCE), which lifted sentiment across the broader vegetable oil complex. 'When prices of soybean oil or palm olein rise, buyers may shift to palm oil as a more affordable or available alternative, leading to increased demand and upward pressure on palm oil prices,' he told Bernama. Ng added that the weaker ringgit also lifted market sentiment. 'We see price support at RM4,150 per tonne and resistance at RM4,300,' he said. Meanwhile, Fastmarkets Palm Oil Analytics senior analyst Sathia Varqa said palm oil futures were also lifted by bargain buying after recent declines, with the weaker ringgit making Malaysian palm oil more attractive to overseas buyers. 'Palm oil futures also gained support from stronger soybean oil prices on DCE,' he said. However, Sathia cautioned that further upside may be limited as production conditions improve.
New Straits Times
13-07-2025
- Business
- New Straits Times
CPO futures to trade with bearish bias next week on weak soybean, crude oil prices
KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is expected to trade with a bearish bias next week, weighed down by persistent weakness in the soybean oil and crude oil markets. Palm oil trader David Ng said the recent downtrend in soybean oil and crude oil prices is likely to limit gains in the CPO market, as these external markets heavily influence palm oil sentiment. "Soybean oil and palm oil compete in the global vegetable oil market, and when soybean oil prices decline, buyers may shift towards it, reducing demand for palm oil. "We expect prices to trade between RM4,050 and RM4,200 per tonne next week," he told Bernama. On a weekly basis, the July 2025 contract rose RM75 to RM4,070 per tonne, while August 2025 gained RM91 to RM4,144 per tonne. September 2025 increased RM112 to RM4,174 per tonne, October 2025 climbed RM113 to RM4,177 per tonne, November 2025 added RM109 to RM4,174 per tonne, and December 2025 advanced RM103 to RM4,175 per tonne. The weekly trading volume increased to 435,464 lots from 253,182 lots in the previous week, while open interest went up to 231,427 contracts from 226,243 contracts. The physical CPO price for July South increased by RM110 to RM4,160 per tonne.
