ANL 28.85 Decreased By ▼ -0.95 (-3.19%)
ASC 20.11 Decreased By ▼ -0.29 (-1.42%)
ASL 24.40 Increased By ▲ 0.80 (3.39%)
BOP 8.24 Decreased By ▼ -0.02 (-0.24%)
BYCO 10.00 Increased By ▲ 0.12 (1.21%)
FCCL 22.03 Increased By ▲ 0.18 (0.82%)
FFBL 27.25 Increased By ▲ 0.34 (1.26%)
FFL 19.70 Decreased By ▼ -0.30 (-1.5%)
FNEL 8.40 Decreased By ▼ -0.34 (-3.89%)
GGGL 26.10 Decreased By ▼ -0.30 (-1.14%)
GGL 44.35 Decreased By ▼ -1.69 (-3.67%)
HUMNL 6.98 Decreased By ▼ -0.07 (-0.99%)
JSCL 21.46 Decreased By ▼ -0.16 (-0.74%)
KAPCO 38.65 Decreased By ▼ -0.05 (-0.13%)
KEL 3.84 Decreased By ▼ -0.06 (-1.54%)
MDTL 3.49 Decreased By ▼ -0.07 (-1.97%)
MLCF 43.61 Increased By ▲ 0.11 (0.25%)
NETSOL 157.72 Decreased By ▼ -0.78 (-0.49%)
PACE 7.30 Decreased By ▼ -0.15 (-2.01%)
PAEL 33.55 Decreased By ▼ -0.10 (-0.3%)
PIBTL 11.10 Increased By ▲ 0.10 (0.91%)
POWER 9.15 Decreased By ▼ -0.05 (-0.54%)
PRL 22.90 Decreased By ▼ -0.10 (-0.43%)
PTC 11.48 Decreased By ▼ -0.12 (-1.03%)
SILK 1.75 Decreased By ▼ -0.08 (-4.37%)
SNGP 50.15 Increased By ▲ 0.35 (0.7%)
TELE 14.85 Increased By ▲ 0.05 (0.34%)
TRG 159.77 Increased By ▲ 0.32 (0.2%)
UNITY 39.85 Decreased By ▼ -0.60 (-1.48%)
WTL 3.46 Decreased By ▼ -0.13 (-3.62%)
BR100 5,081 Decreased By ▼ -15.66 (-0.31%)
BR30 25,655 Decreased By ▼ -99.38 (-0.39%)
KSE100 47,199 Decreased By ▼ -118.94 (-0.25%)
KSE30 18,935 Decreased By ▼ -39.75 (-0.21%)

Coronavirus
VERY HIGH Source: covid.gov.pk
Pakistan Deaths
23,209
7624hr
Pakistan Cases
1,020,324
4,49724hr
7.53% positivity
Sindh
374,434
Punjab
354,904
Balochistan
30,019
Islamabad
86,602
KPK
142,799

KUALA LUMPUR: Malaysian palm oil futures rose as much as 4.6% to hit a near one-month high on Tuesday, boosted by demand optimism and a rally in rival oils ahead of a US Department of Agriculture (USDA) report that is pegged to show tighter global supplies.

The benchmark palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange closed up 133 ringgit, or 3.87%, at 3,568 ringgit ($881.86) a tonne. Palm logged its sharpest daily climb in three months and closed at its highest level since Jan. 13.

Expectation of robust Feb. 1-10 exports and a rise in crude prices to pre-pandemic levels propelled the contract, said Sathia Varqa, co-founder of Singapore-based Palm Oil Analytics.

Focus is now on the next USDA report due later in the day, as well as Malaysian Palm Oil Board and cargo surveyor data due on Wednesday.

A Reuters poll of analysts expect the USDA to make further cuts to its end-of-season supply outlook for soyabeans and lower its harvest views for Brazilian and Argentine soya.

India’s edible oil consumption is expected to contract for a second straight year in 2020/21 as a rally in vegetable oil prices to multi-year highs curbs retail buying, industry officials told Reuters.

Dalian’s most-active soyaoil contract rose 3.2%, while palm oil contract gained 4%. Soyaoil prices on the Chicago Board of Trade were up 1.4%. Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

Oil prices advanced to their highest in 13 months, as supply cuts by major producers and optimism over a recovery in fuel demand support energy markets.

Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.