Latest news with #ParamalingamSupramaniam
Business Recorder
02-07-2025
- Business
- Business Recorder
Malaysian palm oil higher on better demand
JAKARTA: Malaysian palm oil futures closed higher on Wednesday, snapping two straight sessions of losses, supported by higher demand, a soyoil rally and the possibility of lower production in June. The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange gained 95 ringgit, or 2.39%, to 4,063 ringgit ($961.4) a metric ton at the close. 'Overall market sentiment has improved and demand has returned to normalcy. With our preliminary assessment on lower production in June and the soyoil rally, all helped palm prices to remain competitive,' said Paramalingam Supramaniam, director at Selangor-based brokerage Pelindung Bestari. India's palm oil imports soared to an 11-month high in June, driven by lower domestic inventories and a price discount to rivals soyoil and sunflower oil that encouraged refiners to ramp up purchases. Dalian's most-active soyoil contract rose 0.63%, while its palm oil contract gained 1.52%. Soyoil prices on the Chicago Board of Trade were 1.12% higher. The ringgit, palm's currency of trade, weakened 0.71% against the dollar, making the commodity cheaper for buyers holding foreign currencies.
Business Recorder
02-07-2025
- Business
- Business Recorder
Palm ends higher on better demand, likely lower June production
JAKARTA: Malaysian palm oil futures closed higher on Wednesday, snapping two straight sessions of losses, supported by higher demand, a soyoil rally and the possibility of lower production in June. The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange gained 95 ringgit, or 2.39%, to 4,063 ringgit ($961.4) a metric ton at the close. 'Overall market sentiment has improved and demand has returned to normalcy. With our preliminary assessment on lowerproduction in June and the soyoil rally, all helped palm prices to remain competitive,' said Paramalingam Supramaniam, director at Selangor-based brokerage Pelindung Bestari. India's palm oil imports soared to an 11-month high in June, driven by lower domestic inventories and a price discount to rivals soyoil and sunflower oil that encouraged refiners to ramp up purchases. Dalian's most-active soyoil contract rose 0.63%, while its palm oil contract gained 1.52%. Soyoil prices on the Chicago Board of Trade were 1.12% higher. Malaysian palm oil slips Palm oil tracks the price movements of rival edible oils as it competes for a share of the global vegetable oils market. Exports of Malaysian palm oil products for June rose 4.3% month-on-month, according to independent inspection company AmSpec Agri Malaysia, while according to Intertek Testing Services, they grew 4.7%. Indonesia's crude and refined palm oil exports soared 53% in May from a year ago, data from the statistics bureau showed, as the tropical oil started trading at a discount to its rivals, boosting demand from key buyers. The ringgit, palm's currency of trade, weakened 0.71% against the dollar, making the commodity cheaper for buyers holding foreign currencies.
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Business Standard
02-07-2025
- Business
- Business Standard
Palm oil futures rise on better demand, likely lower June production
Malaysian palm oil futures rose on Wednesday, snapping two straight sessions of losses, supported by improving demand, soyoil rally and the possibility of lower production in June. The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange gained 66 ringgit, or 1.66 per cent, to 4,034 ringgit a metric ton by the midday break. "Overall market sentiment has improved and demand has returned to normalcy. With our preliminary assessment on lower production in June and the soyoil rally, all helped palm prices to remain competitive," said Paramalingam Supramaniam, director at Selangor-based brokerage Pelindung Bestari. Dalian's most-active soyoil contract rose 0.35 per cent, while its palm oil contract gained 0.79 per cent. Soyoil prices on the Chicago Board of Trade (CBOT) was 0.71 per cent higher. Palm oil tracks the price movements of rival edible oils as it competes for a share of the global vegetable oils market. Exports of Malaysian palm oil products for June rose 4.3 per cent month-on-month, according to independent inspection company AmSpec Agri Malaysia, while according to Intertek Testing Services, they grew 4.7 per cent. Indonesia's crude and refined palm oil exports soared 53 per cent in May from a year ago, data from the statistics bureau showed, as the tropical oil started trading at a discount to its rivals, boosting demand from key buyers. Indonesia raised its crude palm oil reference price to $877.89 per metric ton for July, up from $856.38 per metric ton in June, a trade ministry regulation showed on Monday. The ringgit, palm's currency of trade, weakened 0.41 per cent against the dollar, making the commodity cheaper for buyers holding foreign currencies.
Business Recorder
26-06-2025
- Business
- Business Recorder
Palm oil ends lower as Middle East tensions weigh
KUALA LUMPUR: Malaysian palm oil futures reversed earlier gains to end lower on Wednesday as uncertainty over developments in the Israel-Iran conflict weighed on the market, while strong export data capped losses. The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange was down 20 ringgit, or 0.5%, at 3,963 ringgit ($935.77) a metric ton at the close. Cargo surveyors estimated that exports of Malaysian palm oil products for June 1-25 rose between 6.6% and 6.8%, compared with the same period a month ago. However, the market remains jittery due to uncertainty over the outcome of the Middle East conflict despite the strong export data, said Paramalingam Supramaniam, director at Selangor-based brokerage Pelindung Bestari. Dalian's most active soyoil contract fell 0.25%, while its palm oil contract lost 0.36%. Soyoil prices on the Chicago Board of Trade (CBOT) shed 0.06%. Palm oil tracks the price movements of rival edible oils as it competes for a share of the global vegetable oils market. Oil prices edged up as investors assessed the stability of a ceasefire between Iran and Israel, while support also came from data that showed US demand was relatively strong. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. The ringgit, palm's currency of trade, strengthened 0.12% against the dollar, making the commodity slightly more expensive for buyers holding foreign currencies. European Union soybean imports in the 2024-25 season that began last July reached 13.79 million metric tons by June 22, compared with year-ago 12.89 million tons, data published by the European Commission showed. The EU palm oil imports for the same period stood at 2.76 million tons compared with 41 million tons a year earlier.
Business Recorder
20-06-2025
- Business
- Business Recorder
Palm oil logs sixth weekly gain, highest in two months
KUALA LUMPUR: Malaysian palm oil futures ended higher on Friday, logging a sixth consecutive weekly gain, despite weak demand in key markets. The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange rose 11 ringgit, or 0.27%, to 4,115 ringgit ($968.24) a metric ton, the highest closing price since April 15. The contract gained 4.79% this week. Trading volumes have been relatively thin and prices have largely factored in most internal and external variables, Paramalingam Supramaniam, director at Selangor-based brokerage Pelindung Bestari, said. 'Going forward, sustaining the current trend will require additional bullish news to emerge. The demand side will be particularly crucial in July as the current market rally has been premised solely on external factors and has not yet demonstrated a robust increase in demand.' Dalian's most-active soyoil contract rose 0.44%, while the palm oil contract gained 0.05%. Soyoil prices on the Chicago Board of Trade were up 1.5%. Palm flat as strong Dalian oils counter weak demand 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 during June 1-20 rose between 10.9% and 14.3%, compared with the same period a month ago. Oil prices fell, but remained on course for a third consecutive weekly rise, after the White House delayed a decision on U.S. involvement in the Israel-Iran conflict. Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. The ringgit, palm's currency of trade, strengthened 0.16% against the dollar, making the commodity more expensive for buyers holding foreign currencies.
