AGL 6.90 Increased By ▲ 0.45 (6.98%)
ANL 9.77 Increased By ▲ 0.07 (0.72%)
AVN 76.82 Decreased By ▼ -0.78 (-1.01%)
BOP 5.49 Increased By ▲ 0.06 (1.1%)
CNERGY 5.05 Increased By ▲ 0.08 (1.61%)
EFERT 79.83 Increased By ▲ 2.58 (3.34%)
EPCL 57.48 Increased By ▲ 1.99 (3.59%)
FCCL 15.30 Decreased By ▼ -0.06 (-0.39%)
FFL 6.48 No Change ▼ 0.00 (0%)
FLYNG 7.34 Decreased By ▼ -0.13 (-1.74%)
GGGL 10.75 Increased By ▲ 0.30 (2.87%)
GGL 16.94 Increased By ▲ 0.55 (3.36%)
GTECH 8.30 Decreased By ▼ -0.07 (-0.84%)
HUMNL 6.45 No Change ▼ 0.00 (0%)
KEL 3.02 Increased By ▲ 0.09 (3.07%)
LOTCHEM 29.15 Increased By ▲ 0.81 (2.86%)
MLCF 28.30 Increased By ▲ 0.22 (0.78%)
OGDC 76.53 Increased By ▲ 2.68 (3.63%)
PAEL 15.87 Increased By ▲ 0.32 (2.06%)
PIBTL 5.43 Increased By ▲ 0.08 (1.5%)
PRL 17.69 Increased By ▲ 0.30 (1.73%)
SILK 1.08 Increased By ▲ 0.01 (0.93%)
TELE 10.82 Decreased By ▼ -0.14 (-1.28%)
TPL 8.60 Increased By ▲ 0.79 (10.12%)
TPLP 21.19 Increased By ▲ 1.53 (7.78%)
TREET 23.80 Decreased By ▼ -0.05 (-0.21%)
TRG 127.50 Increased By ▲ 0.60 (0.47%)
UNITY 23.10 Increased By ▲ 0.04 (0.17%)
WAVES 11.63 Increased By ▲ 0.08 (0.69%)
WTL 1.14 No Change ▼ 0.00 (0%)
BR100 4,174 Increased By 48.3 (1.17%)
BR30 15,806 Increased By 310.9 (2.01%)
KSE100 41,518 Increased By 366.7 (0.89%)
KSE30 15,562 Increased By 142.1 (0.92%)
Markets

Palm logs near 3pc weekly loss, ends four-week climb as Nov exports tumble

  • Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
Published November 20, 2020
Follow us

KUALA LUMPUR: Malaysian palm oil futures extended early losses on Friday and fell nearly 3pc for the week, as a deep slump in exports during the first half of November stoked demand worries.

The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange closed down 1.62pc at 3,288 ringgit ($803.91) a tonne.

For the week, it has declined 2.7pc after climbing for four consecutive weeks.

"Worries about demand destruction due to high prices in major consuming countries triggered the selling spree today," said Paramalingam Supramaniam, director at Selangor-based brokerage Pelindung Bestari.

Exports from Malaysia during Nov. 1-20 fell 16pc from the same period, cargo surveyors said.

The market is also trading on expectations of higher palm imports from Indonesia, which is likely holding local stocks at 1.6 million tonnes, said Marcello Cultrera, institutional sales manager & broker at Phillip Futures in Kuala Lumpur.

Dalian's most-active soyoil contract fell 0.5pc, while its palm oil contract fell 2.7pc.

Soyoil prices on the Chicago Board of Trade were up 0.5pc.

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

China's securities market regulator said it will give foreign investors access to trade its palm oil futures contract on the Dalian Commodity Exchange from Dec. 22.

Comments

Comments are closed.