ANL 35.65 Increased By ▲ 1.33 (3.88%)
ASC 14.80 Decreased By ▼ -0.05 (-0.34%)
ASL 24.85 Increased By ▲ 0.35 (1.43%)
AVN 91.25 Increased By ▲ 1.01 (1.12%)
BOP 7.79 No Change ▼ 0.00 (0%)
BYCO 10.15 Increased By ▲ 0.10 (1%)
DGKC 124.25 Increased By ▲ 0.05 (0.04%)
EPCL 56.50 Increased By ▲ 0.20 (0.36%)
FCCL 24.16 Decreased By ▼ -0.15 (-0.62%)
FFBL 28.80 Increased By ▲ 1.20 (4.35%)
FFL 16.10 Increased By ▲ 0.05 (0.31%)
HASCOL 9.72 Decreased By ▼ -0.02 (-0.21%)
HUBC 79.25 Decreased By ▼ -0.75 (-0.94%)
HUMNL 6.63 Increased By ▲ 0.19 (2.95%)
JSCL 20.70 Increased By ▲ 0.20 (0.98%)
KAPCO 40.25 Increased By ▲ 0.04 (0.1%)
KEL 3.81 Decreased By ▼ -0.04 (-1.04%)
LOTCHEM 16.20 Decreased By ▼ -0.05 (-0.31%)
MLCF 46.49 Decreased By ▼ -0.11 (-0.24%)
PAEL 35.24 Increased By ▲ 0.14 (0.4%)
PIBTL 10.35 Increased By ▲ 0.02 (0.19%)
POWER 9.17 Decreased By ▼ -0.08 (-0.86%)
PPL 85.35 Decreased By ▼ -0.15 (-0.18%)
PRL 25.00 Decreased By ▼ -0.01 (-0.04%)
PTC 9.72 Increased By ▲ 0.17 (1.78%)
SILK 1.24 No Change ▼ 0.00 (0%)
SNGP 40.50 Increased By ▲ 1.68 (4.33%)
TRG 162.90 Decreased By ▼ -4.50 (-2.69%)
UNITY 31.05 Increased By ▲ 0.40 (1.31%)
WTL 1.42 Decreased By ▼ -0.11 (-7.19%)
BR100 4,836 Increased By ▲ 15.71 (0.33%)
BR30 25,635 Decreased By ▼ -33.99 (-0.13%)
KSE100 45,049 Increased By ▲ 70.52 (0.16%)
KSE30 18,436 Decreased By ▼ -6.45 (-0.03%)

Coronavirus
VERY HIGH
Pakistan Deaths
15,619
11824hr
Pakistan Cases
729,920
431824hr
Sindh
269,474
Punjab
252,974
Balochistan
20,397
Islamabad
66,983
KPK
100,275
Markets

Palm tracks rival oils lower, down after 3 days of gains

  • Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
08 Apr 2021

KUALA LUMPUR: Malaysian palm oil futures fell on Thursday after three straight sessions of gains, as weaknesses in rival vegetable oils and crude oil weighed on the market.

The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange slid 67 ringgit, or 1.74%, to 3,778 ringgit ($913.88) a tonne by the midday break, retreating from a near two-week high hit on Wednesday.

"Market fell on the back of overnight weakness in soybean oil, and higher production in Malaysia also added to forward months selling activities," a Kuala Lumpur-based trader said.

Nearby spot prices remain firm and will weaken further only if exports slow, he added.

Dalian's most-active soyoil contract fell 2.7%, while its palm oil contract declined 2%. Soyoil prices on the Chicago Board of Trade were down 0.1% after a near 2% drop on Wednesday.

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

Oil prices fell after official figures showed a big increase in US gasoline stocks, causing concerns about demand for crude weakening in the world's biggest consumer of the resource at a time when supplies around the world are rising.

Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.

Palm oil may test a resistance at 3,926 ringgit per tonne, a break above which could lead to a gain to 4,028 ringgit, Reuters technical analyst Wang Tao said.