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Business Recorder
15 hours ago
- Business
- Business Recorder
Palm climbs on bargain buying, short covering
KUALA LUMPUR: Malaysian palm oil futures inched higher on Tuesday, reversing earlier losses, as bargain buyers emerged and short-covering activity provided additional support. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange rose 20 ringgit, or 0.47%, to 4,262 ringgit ($1,005.90) a metric ton at the midday break. The contract fell in the last two sessions. Bargain buyers lifted crude palm oil futures prices to positive territory at the session's close, a Kuala Lumpur-based trader said. 'It could be that some short coverings are pushing up the market,' the trader added. Dalian's most-active soyoil contract rose 1.4%, while its palm oil contract rose 0.76%. Soyoil prices on the Chicago Board of Trade were down 0.18%. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Palm extends losses on weak rival oils, concerns over rising output, stocks Oil extended gains, lifted by hopes of improved economic activity after the U.S.-EU trade deal, a potential U.S.-China tariff truce and President Donald Trump's shorter deadline for Russia to end the Ukraine war. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. The ringgit, palm's currency of trade, weakened 0.21% against the dollar, making the commodity slightly cheaper for buyers holding foreign currencies. Palm oil may fall to 4,161 ringgit per ton, as it has pierced below support at 4,211 ringgit, Reuters technical analyst Wang Tao said.
New Straits Times
18 hours ago
- Business
- New Straits Times
Palm follows Dalian palm olein, Chicago soyoil lower
KUALA LUMPUR: Malaysian palm oil futures fell for a third consecutive session on Tuesday, weighed down by weaker Dalian palm olein and Chicago soyoil, although gains in crude oil prices limited the decline. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange slid RM19, or 0.45 per cent, to RM4,223 (US$997.87) a metric ton in early trade. Dalian's most-active soyoil contract rose 0.05 per cent, while its palm oil contract shed 0.56 per cent. Soyoil prices on the Chicago Board of Trade were down 0.54 per cent. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Oil extended gains, lifted by hopes of improved economic activity after the US-EU trade deal, a potential US-China tariff truce and President Donald Trump's shorter deadline for Russia to end the Ukraine war. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. The ringgit, palm's currency of trade, weakened 0.09 per cent against the dollar, making the commodity slightly cheaper for buyers holding foreign currencies. Palm oil may fall to RM4,161 per ton, as it has pierced below support at RM4,211, Reuters technical analyst Wang Tao said. Asia shares eased while the euro nursed its losses as investors pondered the downside of the US-EU trade deal and the reality that punishing tariffs were here to stay, with unwelcome implications for growth and inflation.
Business Recorder
2 days ago
- Business
- Business Recorder
Palm slides on weak rival oils, concerns over rising output, stocks
KUALA LUMPUR: Malaysian palm oil futures extended losses to a second session on Monday, tracking weak rival edible oils, while concerns over rising output and inventory levels also pressured prices. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange slid 31 ringgit, or 0.73%, to 4,242 ringgit ($1,005.69) a metric ton at the midday break. Crude palm oil traded lower due to weakness in the Dalian and the soyoil market during Asian hours, said David Ng, a proprietary trader at Kuala Lumpur-based trading firm Iceberg X Sdn Bhd. 'Rising production and stock levels could be seen as weighing down on market sentiment as well,' he said. Dalian's most-active soyoil contract fell 0.61%, while its palm oil contract shed 0.89%. Soyoil prices on the Chicago Board of Trade (CBOT) lost 0.32%. Palm oil tracks the price movements of rival edible oils, as they compete for a share of the global vegetable oils market. Meanwhile, oil prices rose after the U.S. reached a deal with the European Union and may extend a tariff pause with China, easing concerns that potentially higher levies would limit economic activity and impact fuel demand. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. Cargo surveyors estimated exports of Malaysian palm oil products for July 1-25 to have fallen between 9.2% and 15.2% from a month earlier. The ringgit, palm's currency of trade, remained unchanged against the U.S dollar. Palm oil may test support at 4,211 ringgit per metric ton, a break below which could open the way towards 4,161 ringgit, Reuters technical analyst Wang Tao said.
New Straits Times
2 days ago
- Business
- New Straits Times
Palm falls on weak rival oils, stronger crude oil limits decline
KUALA LUMPUR: Malaysian palm oil futures opened lower on Monday for a second session, tracking weakness in rival edible oils, although stronger crude oil prices capped the fall. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange slid RM19, or 0.44 per cent, to RM4,254 (US$1,008.30) a metric ton in early trade. Dalian's most-active soyoil contract fell 0.42 per cent, while its palm oil contract shed 0.78 per cent. Soyoil prices on the Chicago Board of Trade were down 0.38 per cent. Palm oil tracks price movements of rival edible oils, as they compete for a share of the global vegetable oils market. Oil prices rose after the US reached a trade deal with the European Union and may extend a tariff pause with China, reducing concerns that potentially higher levies would limit economic activity and impact fuel demand. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. Cargo surveyors estimated that exports of Malaysian palm oil products for July 1–25 fell between 9.2 per cent and 15.2 per cent from a month earlier. The ringgit, palm's currency of trade, weakened 0.02 per cent against the dollar, making the commodity slightly cheaper for buyers holding foreign currencies. Palm oil may test support at RM4,211 per metric ton, a break below which could open the way towards RM4,161, Reuters technical analyst Wang Tao said.
New Straits Times
5 days ago
- Business
- New Straits Times
Palm tracks Dalian palm olein and Chicago soyoil lower
KUALA LUMPUR: Malaysian palm oil futures opened lower on Friday, erasing all the gains made so far this week, as weakness in Dalian palm olein and Chicago soyoil outweighed support from stronger crude oil prices. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange slid RM65, or 1.5 per cent, to RM4,265 (US$1,011.14) a metric tonne in early trade. The contract has declined 0.09 per cent so far this week after three straight weeks of gains. Dalian's most-active soyoil contract rose zero point four nine per cent, while its palm oil contract shed zero point six nine per cent. Soyoil prices on the Chicago Board of Trade were down zero point three five per cent. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Oil prices rose, buoyed by optimism over a potential trade deal between the US and the European Union and reports of Russian plans to restrict gasoline exports to most countries. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. The ringgit, palm's currency of trade, weakened zero point one four per cent against the US dollar, making the commodity slightly cheaper for buyers holding foreign currencies. Indonesia's palm oil exports are likely to fall to 28 million metric tonnes in 2025 from 29.5 million tonnes shipped a year earlier, the Indonesian Palm Oil Association said. Malaysia's crude palm oil production is likely to rise to 19.5 million tonnes in 2025 from last year's 19.3 million tonnes, as labour supply has improved, the Malaysian Palm Oil Board said. Palm oil may test support at RM4,273 per tonne, a break below which could open the way towards RM4,211, Reuters technical analyst Wang Tao said.
