AIRLINK 65.20 Decreased By ▼ -0.70 (-1.06%)
BOP 5.57 Decreased By ▼ -0.12 (-2.11%)
CNERGY 4.56 Decreased By ▼ -0.09 (-1.94%)
DFML 24.52 Increased By ▲ 1.67 (7.31%)
DGKC 69.96 Decreased By ▼ -0.74 (-1.05%)
FCCL 20.30 Decreased By ▼ -0.05 (-0.25%)
FFBL 29.11 No Change ▼ 0.00 (0%)
FFL 9.83 Decreased By ▼ -0.10 (-1.01%)
GGL 10.01 Decreased By ▼ -0.07 (-0.69%)
HBL 114.25 Decreased By ▼ -1.00 (-0.87%)
HUBC 129.10 Decreased By ▼ -0.40 (-0.31%)
HUMNL 6.71 Increased By ▲ 0.01 (0.15%)
KEL 4.44 Increased By ▲ 0.06 (1.37%)
KOSM 4.89 Decreased By ▼ -0.13 (-2.59%)
MLCF 37.00 Increased By ▲ 0.04 (0.11%)
OGDC 132.30 Increased By ▲ 1.10 (0.84%)
PAEL 22.54 Increased By ▲ 0.06 (0.27%)
PIAA 25.89 Decreased By ▼ -0.41 (-1.56%)
PIBTL 6.60 Increased By ▲ 0.07 (1.07%)
PPL 112.85 Increased By ▲ 0.73 (0.65%)
PRL 29.41 Increased By ▲ 1.02 (3.59%)
PTC 15.24 Decreased By ▼ -0.87 (-5.4%)
SEARL 57.03 Decreased By ▼ -1.26 (-2.16%)
SNGP 66.45 Increased By ▲ 0.76 (1.16%)
SSGC 10.98 Decreased By ▼ -0.04 (-0.36%)
TELE 8.80 Decreased By ▼ -0.14 (-1.57%)
TPLP 11.70 Increased By ▲ 0.17 (1.47%)
TRG 68.62 Decreased By ▼ -0.62 (-0.9%)
UNITY 23.40 Decreased By ▼ -0.55 (-2.3%)
WTL 1.38 Increased By ▲ 0.03 (2.22%)
BR100 7,295 Decreased By -9.1 (-0.12%)
BR30 23,854 Decreased By -96 (-0.4%)
KSE100 70,290 Decreased By -43.2 (-0.06%)
KSE30 23,171 Increased By 50.4 (0.22%)

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.

Comments

Comments are closed.