Latest news with #WangTao
New Straits Times
15 hours 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.
New Straits Times
2 days ago
- Business
- New Straits Times
Palm rises on short-covering, firmer palm olein, Chicago soyoil
KUALA LUMPUR: Malaysian palm oil futures rose on Wednesday, extending gains from the previous session, as short-covering by traders and strength in Dalian palm olein and Chicago soyoil lent support. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange gained RM66, or 1.55 per cent, to RM4,330 (US$1,025.09) a metric ton at the midday break. Strength in Dalian palm olein and Chicago soyoil markets spilled over into crude palm oil futures during the session, a Kuala Lumpur-based trader said. "Dalian's rally was driven by both short-covering and technical buying." Benchmark crude palm oil futures hit a midday high of RM4,334, with short-covering likely emerging after prices broke above the RM4,300-level, the trader added. Dalian's most-active soyoil contract added 0.3 per cent, while its palm oil contract rose 1.59 per cent. Soyoil prices on the Chicago Board of Trade gained 0.79 per cent. Palm oil tracks the price movements of rival edible oils as it competes for a share of the global vegetable oils market. Oil prices climbed in Asian trade after falling for three consecutive sessions as a US trade deal with Japan signalled progress on tariffs, though gains were capped by fading hopes for a breakthrough at an EU-China summit. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. The ringgit, palm's currency of trade, strengthened 0.12 per cent against the dollar, making the commodity slightly more expensive for buyers holding foreign currencies. European Union soybean imports for the 2025-26 season that began on July 1 reached 519,609 million metric tons by July 20, down 32 per cent year-on-year. Palm oil imports fell 53 per cent year-on-year to 93,234 million tons, according to data published by the European Commission. Palm oil may retest support at RM4,198 per metric ton, a break below could open the way toward RM4,150, Reuters technical analyst Wang Tao said.
Business Recorder
3 days ago
- Business
- Business Recorder
Palm rises on short-covering, firmer palm olein, Chicago soyoil
KUALA LUMPUR: Malaysian palm oil futures rose on Wednesday, extending gains from the previous session, as short-covering by traders and strength in Dalian palm olein and Chicago soyoil lent support. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange gained 66ringgit, or 1.55%, to 4,330 ringgit ($1,025.09) a metric ton at the midday break. Strength in Dalian palm olein and Chicago soyoil markets spilled over into crude palm oil futures during the session, a Kuala Lumpur-based trader said. 'Dalian's rally was driven by both short-covering and technical buying.' Benchmark crude palm oil futures hit a midday high of 4,334 ringgit, with short-covering likely emerging after prices broke above the 4,300-ringgit level, the trader added. Dalian's most-active soyoil contract added 0.3%, while its palm oil contract rose 1.59%. Soyoil prices on the Chicago Board of Trade gained 0.79%. Palm oil tracks the price movements of rival edible oils as it competes for a share of the global vegetable oils market. Oil prices climbed in Asian trade after falling for three consecutive sessions as a U.S. trade deal with Japan signalled progress on tariffs, though gains were capped by fading hopes for a breakthrough at an EU-China summit. 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 for the 2025-26 season that began on July 1 reached 519,609 million metric tons by July 20, down 32% year-on-year. Palm oil imports fell 53% year-on-year to 93,234 million tons, according to data published by the European Commission. Palm oil may retest support at 4,198 ringgit per metric ton, a break below could open the way toward 4,150 ringgit, Reuters technical analyst Wang Tao said.
Daily Tribune
3 days ago
- Politics
- Daily Tribune
Chinese Embassy Celebrates 98th Anniversary of the People's Liberation Army in Bahrain
TDT | Manama The 98th anniversary of the founding of the Chinese People's Liberation Army (PLA) was celebrated at the Crowne Plaza Hotel in Bahrain last night. The event was hosted by H.E. Mr. Ni Ruchi, Ambassador of the People's Republic of China to the Kingdom of Bahrain, and Colonel Wang Tao, Defense Attaché of the Chinese Embassy in Bahrain. Strong ties In his welcome speech, Colonel Wang Tao highlighted the strong ties between China and Bahrain, including the recent visit of His Majesty King Hamad bin Isa Al Khalifa to China and the discussions held between the two countries' leaders. Colonel Wang Tao spoke about China's commitment to peace and global cooperation. He said, 'China has been a builder of world peace, a contributor to global development, and a defender of the international order.' He also noted that China is the largest contributor of troops to UN peacekeeping missions among the permanent members of the UN Security Council and the second largest financial contributor.
New Straits Times
5 days ago
- Business
- New Straits Times
Palm opens lower on weak soyoil, strong ringgit
KUALA LUMPUR: Malaysian palm oil futures opened lower on Monday, reversing the previous session's gains, as weaker soyoil prices and a stronger ringgit weighed on the market. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange slid RM34, or 0.79 per cent, to RM4,281 (US$1,010.62) a metric ton in early trade. Dalian's most-active soyoil contract fell 0.34 per cent, while its palm oil contract added 0.29 per cent. Soyoil prices on the Chicago Board of Trade were down 0.47 per cent. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. The ringgit, palm's currency of trade, strengthened 0.19 per cent against the dollar, making the commodity more expensive for buyers holding foreign currencies. Oil prices barely budged as traders eyed the impact of new European sanctions on Russian oil supply, rising output from Middle East producers and concerns about fuel outlook as tariffs weighed on global economic growth. Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. Cargo surveyor Intertek Testing Services estimated that exports of Malaysian palm oil products for July 1-20 fell 3.5 per cent compared with the same period a month earlier. AmSpec Agri Malaysia's export estimates are expected later in the day. Palm oil may retrace into a range of RM4,254 to RM4,273 per ton, following its failure to break resistance at RM4,354, Reuters technical analyst Wang Tao said.
