ANL 22.33 Decreased By ▼ -1.86 (-7.69%)
ASC 14.59 Decreased By ▼ -0.61 (-4.01%)
ASL 23.15 Increased By ▲ 1.15 (5.23%)
BOP 8.36 Decreased By ▼ -0.06 (-0.71%)
BYCO 8.12 Decreased By ▼ -0.34 (-4.02%)
FCCL 17.92 Increased By ▲ 0.52 (2.99%)
FFBL 23.25 Decreased By ▼ -0.97 (-4%)
FFL 16.25 Decreased By ▼ -0.65 (-3.85%)
FNEL 7.87 Decreased By ▼ -0.28 (-3.44%)
GGGL 19.31 Decreased By ▼ -1.38 (-6.67%)
GGL 40.80 Decreased By ▼ -0.73 (-1.76%)
HUMNL 6.26 Decreased By ▼ -0.29 (-4.43%)
JSCL 19.37 Decreased By ▼ -0.76 (-3.78%)
KAPCO 37.00 Decreased By ▼ -0.50 (-1.33%)
KEL 3.48 Decreased By ▼ -0.03 (-0.85%)
MDTL 2.75 Decreased By ▼ -0.20 (-6.78%)
MLCF 35.14 Increased By ▲ 0.09 (0.26%)
NETSOL 140.94 Decreased By ▼ -3.91 (-2.7%)
PACE 5.20 Decreased By ▼ -0.77 (-12.9%)
PAEL 28.61 Decreased By ▼ -1.48 (-4.92%)
PIBTL 8.89 Decreased By ▼ -0.28 (-3.05%)
POWER 7.34 Decreased By ▼ -0.26 (-3.42%)
PRL 18.33 Decreased By ▼ -0.92 (-4.78%)
PTC 9.91 Decreased By ▼ -0.21 (-2.08%)
SILK 1.50 Decreased By ▼ -0.12 (-7.41%)
SNGP 45.17 Increased By ▲ 1.67 (3.84%)
TELE 20.44 Decreased By ▼ -1.56 (-7.09%)
TRG 169.50 Decreased By ▼ -1.00 (-0.59%)
UNITY 33.05 Decreased By ▼ -0.89 (-2.62%)
WTL 3.00 Decreased By ▼ -0.09 (-2.91%)
BR100 4,825 Decreased By ▼ -33.52 (-0.69%)
BR30 23,439 Decreased By ▼ -426.14 (-1.79%)
KSE100 45,600 Decreased By ▼ -408.36 (-0.89%)
KSE30 18,039 Decreased By ▼ -140.12 (-0.77%)

Coronavirus
VERY HIGH Source: covid.gov.pk
Pakistan Deaths
27,374
4724hr
Pakistan Cases
1,230,238
2,33324hr
4.56% positivity
Sindh
452,267
Punjab
424,701
Balochistan
32,796
Islamabad
104,472
KPK
171,874

KUALA LUMPUR: Malaysian palm oil futures ended 1% higher on Wednesday despite a slump in November exports, boosted by higher crude and tracking a rally in competing edible oils due to concerns over global supplies.

The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange closed up 1.11% at 3,285 ringgit ($804.16) a tonne.

“The recent steep downward revisions of crop estimates in other competing edibles oils, namely soybean and sunflower oil had triggered heavy buying,” IJM Plantations CEO Joseph Tek Choon Yee said in a statement.

The spill-over strength from soybean and sunflower oil prices has helped raise the crude palm oil price threshold to above 3,000 ringgit per tonne, even as consumers shift part of their demand to cheaper vegetable oils, he added.

Tek said lower-than-expected production across all edible oils combined with sustained demand would keep edible oils inventories, including palm oil, “extremely tight”.

Dalian’s most-active soyaoil contract rose 1.2%, while its palm oil contract gained 1%. Soyaoil prices on the Chicago Board of Trade were up 0.8%.

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

Oil rose for a fourth straight day on Wednesday, driven by hopes of a Covid-19 vaccine helping boost fuel demand, making palm a more attractive option for biodiesel feedstock.

However, gains were capped by a 19% monthly decline in exports from Malaysia during Nov. 1 to 25 as shipments to India halved, according to data from cargo surveyors.—Reuters

Comments

Comments are closed.