AGL 6.45 Decreased By ▼ -0.05 (-0.77%)
ANL 9.50 Decreased By ▼ -0.20 (-2.06%)
AVN 74.95 Decreased By ▼ -0.88 (-1.16%)
BOP 5.35 Increased By ▲ 0.03 (0.56%)
CNERGY 4.80 Decreased By ▼ -0.05 (-1.03%)
EFERT 78.00 Increased By ▲ 0.51 (0.66%)
EPCL 54.15 Decreased By ▼ -1.06 (-1.92%)
FCCL 15.00 Decreased By ▼ -0.25 (-1.64%)
FFL 6.20 Decreased By ▼ -0.10 (-1.59%)
FLYNG 7.01 Increased By ▲ 0.16 (2.34%)
GGGL 10.05 Decreased By ▼ -0.12 (-1.18%)
GGL 15.94 Decreased By ▼ -0.37 (-2.27%)
GTECH 7.85 Increased By ▲ 0.41 (5.51%)
HUMNL 6.27 Decreased By ▼ -0.06 (-0.95%)
KEL 2.83 Decreased By ▼ -0.14 (-4.71%)
LOTCHEM 27.65 Decreased By ▼ -0.65 (-2.3%)
MLCF 27.00 Decreased By ▼ -0.56 (-2.03%)
OGDC 73.35 Decreased By ▼ -0.65 (-0.88%)
PAEL 15.30 Decreased By ▼ -0.29 (-1.86%)
PIBTL 5.15 Decreased By ▼ -0.10 (-1.9%)
PRL 16.10 Decreased By ▼ -0.48 (-2.9%)
SILK 1.04 Decreased By ▼ -0.02 (-1.89%)
TELE 10.45 Decreased By ▼ -0.20 (-1.88%)
TPL 7.69 Decreased By ▼ -0.19 (-2.41%)
TPLP 19.22 Decreased By ▼ -0.48 (-2.44%)
TREET 22.75 Decreased By ▼ -0.25 (-1.09%)
TRG 115.90 Decreased By ▼ -4.20 (-3.5%)
UNITY 21.80 Decreased By ▼ -0.34 (-1.54%)
WAVES 11.15 Decreased By ▼ -0.05 (-0.45%)
WTL 1.12 Decreased By ▼ -0.03 (-2.61%)
BR100 4,039 Decreased By -56.1 (-1.37%)
BR30 14,984 Decreased By -242.5 (-1.59%)
KSE100 40,620 Decreased By -307.7 (-0.75%)
KSE30 15,213 Decreased By -142.6 (-0.93%)
Markets

Palm on course for longest winning streak in 19 years on improving exports

  • Dalian's most-active soyoil contract rose 1.3%, while its palm oil contract gained 0.8%. Soyoil prices on the Chicago Board of Trade were up 0.8%.
Published March 16, 2021
Follow us

KUALA LUMPUR: Malaysian palm oil futures rose on Tuesday for a 10th straight session, putting them on track for their longest winning streak since June 2002, as cargo surveyor data showed a fall in exports slowed down during March 1-15 and rival soyoil advanced.

The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange gained 18 ringgit, or 0.45%, to 4,038 ringgit ($982.24) a tonne by the midday break.

Exports of Malaysian palm oil products for March 1-15 fell 1% to 549,273 tonnes from the same period in February, according to data from Societe Generale de Surveillance.

"This is a drastic improvement from March 1-10, which showed a decline of 22%," said Sathia Varqa, co-founder of Singapore-based Palm Oil Analytics. "Improving production in Malaysia in March may reverse some of the price gains this week."

European Union palm oil imports in the 2020/21 season that started last July reached 3.87 million tonnes, compared with 4.01 million a year earlier, data published by the European Commission showed on Monday.

Dalian's most-active soyoil contract rose 1.3%, while its palm oil contract gained 0.8%. Soyoil 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.

Palm oil may drop into a range of 3,959 ringgit to 4,008 ringgit per tonne, as it has left a rising channel, Reuters technical analyst Wang Tao said.

Comments

Comments are closed.