ANL 28.30 Increased By ▲ 0.24 (0.86%)
ASC 16.70 Increased By ▲ 0.08 (0.48%)
ASL 23.55 Decreased By ▼ -0.39 (-1.63%)
AVN 91.93 Increased By ▲ 0.81 (0.89%)
BOP 9.78 Increased By ▲ 0.10 (1.03%)
BYCO 9.68 Decreased By ▼ -0.22 (-2.22%)
DGKC 111.60 Decreased By ▼ -2.26 (-1.98%)
EPCL 48.30 Decreased By ▼ -0.54 (-1.11%)
FCCL 21.85 Increased By ▲ 0.04 (0.18%)
FFBL 27.39 Decreased By ▼ -0.26 (-0.94%)
FFL 18.52 Increased By ▲ 0.39 (2.15%)
HASCOL 14.70 Decreased By ▼ -0.12 (-0.81%)
HUBC 84.80 Decreased By ▼ -1.45 (-1.68%)
HUMNL 7.27 Decreased By ▼ -0.13 (-1.76%)
JSCL 30.80 Increased By ▲ 1.44 (4.9%)
KAPCO 40.56 Increased By ▲ 2.17 (5.65%)
KEL 4.13 Decreased By ▼ -0.08 (-1.9%)
LOTCHEM 15.65 Decreased By ▼ -0.35 (-2.19%)
MLCF 43.06 Decreased By ▼ -0.39 (-0.9%)
PAEL 39.43 Decreased By ▼ -1.06 (-2.62%)
PIBTL 12.85 Decreased By ▼ -0.19 (-1.46%)
POWER 11.41 Decreased By ▼ -0.33 (-2.81%)
PPL 95.99 Decreased By ▼ -1.99 (-2.03%)
PRL 24.40 Decreased By ▼ -0.99 (-3.9%)
PTC 9.70 Decreased By ▼ -0.08 (-0.82%)
SILK 1.21 No Change ▼ 0.00 (0%)
SNGP 45.85 Decreased By ▼ -0.65 (-1.4%)
TRG 102.88 Increased By ▲ 5.65 (5.81%)
UNITY 31.40 Decreased By ▼ -0.14 (-0.44%)
WTL 1.20 Increased By ▲ 0.05 (4.34%)
BR100 4,836 Decreased By ▼ -19.82 (-0.41%)
BR30 24,457 Decreased By ▼ -49.48 (-0.2%)
KSE100 45,768 Decreased By ▼ -162.66 (-0.35%)
KSE30 19,026 Decreased By ▼ -83.96 (-0.44%)

KUALA LUMPUR: Palm oil futures in Malaysia dropped for a fourth session on Thursday, tracking sharp losses in Dalian oils, amid concerns of tepid demand as the world's second-largest palm exporter maintained its high export tax rate of 8% for next month.

The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange declined 54 ringgit, or 1.46%, to 3,638 ringgit ($900.27) a tonne, its lowest since Dec. 31, 2020.

Industry players are now anticipating Jan. 1-15 export data from cargo surveyors due on Friday.

Exports during Jan. 1-10 fell between 30% and 35% from the same period in December, cargo surveyors Surveillance said early this week.

FUNDAMENTALS

  • Malaysia kept its export duty for crude palm oil at 8% for February, a circular on the Malaysian Palm Oil Board website showed on Tuesday.

    • China would import more Indonesian products, such as palm oil, and increase investment in Southeast Asia's largest economy, a top Chinese diplomat said on Wednesday, as Jakarta urged Beijing to remove barriers to make trade between the two countries more balanced.

    • Dalian's most-active soyoil contract and its palm oil contract fell 2.4%. Soyoil prices on the Chicago Board of Trade were down 0.3%.

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

  • Palm oil may fall into a range of 3,592 ringgit to 3,631 ringgit per tonne, as the correction from the Jan. 6 high of 3,888 ringgit looks sharp and strong, Reuters technical analyst Wang Tao said.