Latest news with #IcebergXSdnBhd
Business Recorder
a day 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.
Business Recorder
05-07-2025
- Business
- Business Recorder
Malaysian palm oil drifts lower
KUALA LUMPUR: Malaysian palm oil futures closed lower on Friday, weighed by weaker rival edible oils at the Chicago and Dalian markets and by profit booking, though the contract still managed to post its seventh weekly gain in eight. The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange slid 29 ringgit, or 0.71%, to 4,062 ringgit ($963.02) a metric ton at the close. The contract rose 1.27% this week. Crude palm oil prices were lower, tracking weakness in soybean oil and Dalian palm olein prices, said David Ng, a proprietary trader at Kuala Lumpur-based trading firm Iceberg X Sdn Bhd. 'Profit-taking activities after the recent price rally also affected the market,' he added. Dalian's most-active soyoil contract fell 0.95%, while its palm oil contract shed 0.07%. Soyoil prices on the Chicago Board of Trade lost 0.96%. Palm oil tracks the price movements of rival edible oils as it competes for a share of the global vegetable oils market. Oil futures fell slightly after Iran reaffirmed its commitment to nuclear non-proliferation, while major producers from the OPEC+ group are set to agree to raise their output this weekend. Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. The ringgit, palm's currency of trade, strengthened 0.05% against the dollar, making the commodity slightly expensive for buyers holding foreign currencies. Malaysia's palm oil inventories likely dropped for the first time in four months in June as production fell unexpectedly while export demand remained robust for the tropical oil, a Reuters survey showed.
Business Recorder
04-07-2025
- Business
- Business Recorder
Palm logs weekly gain despite weakness in rival oils, profit taking
KUALA LUMPUR: Malaysian palm oil futures closed lower on Friday, weighed by weaker rival edible oils at the Chicago and Dalian markets and by profit booking, though the contract still managed to post its seventh weekly gain in eight. The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange slid 29 ringgit, or 0.71%, to 4,062 ringgit ($963.02) a metric ton at the close. The contract rose 1.27% this week. Crude palm oil prices were lower, tracking weakness in soybean oil and Dalian palm olein prices, said David Ng, a proprietary trader at Kuala Lumpur-based trading firm Iceberg X Sdn Bhd. 'Profit-taking activities after the recent price rally also affected the market,' he added. Dalian's most-active soyoil contract fell 0.95%, while its palm oil contract shed 0.07%. Soyoil prices on the Chicago Board of Trade lost 0.96%. Palm oil tracks the price movements of rival edible oils as it competes for a share of the global vegetable oils market. Palm up as strong Dalian oils counter weak crude, Chicago soyoil Oil futures fell slightly after Iran reaffirmed its commitment to nuclear non-proliferation, while major producers from the OPEC+ group are set to agree to raise their output this weekend. Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. The ringgit, palm's currency of trade, strengthened 0.05% against the dollar, making the commodity slightly expensive for buyers holding foreign currencies. Malaysia's palm oil inventories likely dropped for the first time in four months in June as production fell unexpectedly while export demand remained robust for the tropical oil, a Reuters survey showed.
Business Recorder
04-07-2025
- Business
- Business Recorder
Palm falls on weakness in rival oils, profit taking
KUALA LUMPUR: Malaysian palm oil futures fell on Friday, pressured by weaker rival edible oils at the Chicago and Dalian markets and by profit booking, but remained on track for a seventh weekly gain in eight. The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange slid 22 ringgit, or 0.54%, to 4,069 ringgit ($963.08) a metric ton at the midday break. The contract has risen 1.67% so far this week. Crude palm oil prices were lower, tracking overnight weakness in soybean oil and Dalian palm olein prices, said David Ng, a proprietary trader at Kuala Lumpur-based trading firm Iceberg X Sdn Bhd. 'Profit-taking activities after the recent price rally also affected the market,' he added. Dalian's most-active soyoil contract fell 0.92%, while its palm oil contract shed 0.45%. Soyoil prices on the Chicago Board of Trade lost 0.96%. 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 little changed as a solid US job market bolstered the case for the Federal Reserve keeping interest rates on hold, with investors also awaiting clarity on President Donald Trump's plans for tariffs on various countries. Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. The ringgit, palm's currency of trade, weakened 0.12% against the dollar, making the commodity cheaper for buyers holding foreign currencies. Malaysia's palm oil inventories likely dropped for the first time in four months in June as production fell unexpectedly while export demand remained robust for the tropical oil, a Reuters survey showed. Palm oil may fall to 4,047 ringgit per ton as a five-wave cycle from 3,947 ringgit has completed, Reuters technical analyst Wang Tao said.
