Latest news with #EngkuAbLatif
Barnama
2 days ago
- Business
- Barnama
CPO Futures Expected To Trade With Downward Bias Next Week
By Engku Shariful Azni Engku Ab Latif KUALA LUMPUR, July 26 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is expected to trade with a downward bias next week due to profit-taking from the recent rally. Interband Group of Companies senior palm oil trader Jim Teh said the palm oil stock in June is high, at about two million tonnes; hence, prices are expected to trade in a tight range between RM3,800 per tonne and RM3,900 per tonne next week. 'The physical demand for palm oil would come from China, India, Pakistan, the Middle East and European countries,' he told Bernama. Similarly, palm oil trader David Ng said the rising output and stock levels of CPO in Malaysia will be the market focus next week. He said Russia's announcement on the suspension of export duty for sunflower oil, as reported, might have a short-term impact on CPO prices. 'We expect prices to trade between RM4,150 per tonne and RM4,300 per tonne next week,' he said. On a weekly basis, the August 2025 contract slid RM41 to RM4,221 per tonne, while the September 2025 contract shrank RM51 to RM4,258 per tonne, and the October 2025 contract shed RM42 to RM4,273 per tonne. The November 2025 contract inched down RM22 to RM4,283 per tonne, December 2025 remained unchanged from last week at RM4,290 per tonne, and January 2026 gained RM15 to RM4,290 per tonne.
Barnama
2 days ago
- Business
- Barnama
CCGT Plant To Complement Solar Intermittency, Support Malaysia's 2050 Net-Zero Goal -- Expert
BUSINESS By Engku Shariful Azni Engku Ab Latif KUALA LUMPUR, July 28 (Bernama) -- The combined cycle gas turbine (CCGT) power plant is expected to play a vital role in addressing gaps in the power grid and complementing solar intermittency, as Malaysia works towards achieving its net-zero goals by 2050, an expert said. Malaysia's Grid System Operator chief engineer, Rofidah Mohamed, said the country is blessed with abundant sunlight, enabling high solar energy output during the day and reducing reliance on conventional generators. 'However, if it suddenly rains or clouds block the sunlight, disrupting solar energy generation, who steps in to fill the gap? This is where gas from CCGT power plants proves essential, as it is flexible enough to bridge the shortfall and temporarily replace solar energy,' she said. 'In fact, with the new gas turbine plant, power output can ramp up from zero to 100 per cent within 30 minutes, making it extremely useful at night, especially when there is no sunlight,' she told Bernama when met at the CGN Energy International Co Ltd (CGNEI) Gas Turbine Power Generation Conference 2025, here today. Rofidah expressed hope that CCGT power plants would continue to complement solar energy within the grid, as Malaysia progresses towards its net-zero carbon emissions target by 2050. "We do not want to rely on coal, as it is one of the most polluting energy sources. So we will gradually phase it out. What will remain are gas, solar, and large hydro plants – for example, in Terengganu and Kelantan,' she said. Edra Power Holdings Sdn Bhd, in collaboration with its shareholder CGNEI, hosted the conference in Kuala Lumpur today, themed "Empowering the Future through Collective Wisdom and Win-Win Collaboration". The event brought together over 200 key stakeholders from 47 organisations across China, Malaysia and South Korea to foster industry collaboration and chart a path towards a cleaner, more inclusive energy future for ASEAN.
Barnama
5 days ago
- Business
- Barnama
CPO Futures Extend Gains To Close Higher, Tracking Soybean Oil's Rise
By Engku Shariful Azni Engku Ab Latif KUALA LUMPUR, July 23 (Bernama) -- Crude palm oil (CPO) futures on Bursa Malaysia Derivatives extended gains to close higher on Wednesday, on the back of stronger soybean oil prices. Palm oil trader David Ng said lower CPO production in Indonesia also lifted market sentiment today. "We see CPO prices supported above RM4,250 and resistance at RM4,400," he told Bernama. At the close, the spot-month August contract gained RM48 to RM4,244 per tonne, the September 2025 contract added RM52 to RM4,298, and the October 2025 contract rose RM51 to RM4,315. The November 2025 contract advanced RM49 to RM4,320 per tonne, December 2025 climbed RM47 to RM4,317, and January 2026 gained RM51 to RM4,313. Trading volume rose to 75,900 lots from 75,575 on Tuesday, while open interest eased to 231,569 contracts from 231,767 previously. The physical CPO price for July South increased by RM50 to RM4,270 per tonne. -- BERNAMA
Barnama
5 days ago
- Business
- Barnama
CPO Futures Snap Three-day Rally On Weaker Export Performance
By Engku Shariful Azni Engku Ab Latif KUALA LUMPUR, July 25 (Bernama) -- Crude palm oil (CPO) futures on Bursa Malaysia Derivatives ended its three-day rally to close lower on Friday, weighed down by lower export performance, a trader said. Palm oil trader David Ng said Russia's announcement on the suspension of export duty for sunflower oil, which could erode palm oil's competitiveness in the vegetable oil market, also pressured prices. 'CPO prices are being impacted by concerns over increased output. We see the support level at RM4,200 per tonne, with resistance at RM4,380,' he told Bernama. At the close, the spot-month August 2025 contract slipped by RM38 to RM4,221 per tonne, the September 2025 contract shed RM52 to RM4,258, and the October 2025 contract dropped RM57 to RM4,273. The November 2025 contract fell RM51 to RM4,283 per tonne, December 2025 decreased RM39 to RM4,290, and January 2026 eased RM31 to RM4,290 per tonne. Trading volume jumped to 82,818 lots from 75,735 lots on Thursday, while open interest reduced to 229,303 contracts from 233,661 previously. The physical CPO price for July South dropped RM50 to RM4,230 per tonne. -- BERNAMA
Barnama
6 days ago
- Business
- Barnama
CPO Futures Extend Rally To End Higher, Tracking Soybean Oil's Uptrend
By Engku Shariful Azni Engku Ab Latif KUALA LUMPUR, July 24 (Bernama) -- Crude palm oil (CPO) futures on Bursa Malaysia Derivatives continued its rally to close higher on Wednesday following the uptrend in soybean oil prices. Palm oil trader David Ng said weaker CPO production in Indonesia also lifted market sentiment today. 'We see CPO prices supported at RM4,200 (per tonne) and resistance at RM4,350,' he told Bernama. At the close, the spot-month August and October 2025 contracts gained RM15 each to RM4,259 and RM4,330 per tonne respectively, while the September 2025 and December 2025 contracts rose RM12 each to RM4,310 and RM4,329 per tonne respectively. The November 2025 contract improved RM14 to RM4,334 per tonne, and January 2026 climbed RM8 to RM4,321 per tonne. Trading volume eased to 75,735 lots from 75,900 lots on Wednesday, while open interest widened to 233,661 contracts from 231,569 previously. The physical CPO price for July South edged up RM10 to RM4,280 per tonne. -- BERNAMA
