AVN 67.39 Increased By ▲ 0.29 (0.43%)
BAFL 31.00 No Change ▼ 0.00 (0%)
BOP 4.92 Increased By ▲ 0.02 (0.41%)
CNERGY 3.80 Increased By ▲ 0.02 (0.53%)
DFML 14.55 Increased By ▲ 0.12 (0.83%)
DGKC 42.00 Increased By ▲ 0.15 (0.36%)
EPCL 46.39 Decreased By ▼ -0.18 (-0.39%)
FCCL 11.65 Decreased By ▼ -0.04 (-0.34%)
FFL 5.16 Increased By ▲ 0.09 (1.78%)
FLYNG 5.79 Decreased By ▼ -0.01 (-0.17%)
GGL 10.55 Increased By ▲ 0.13 (1.25%)
HUBC 68.65 Increased By ▲ 0.65 (0.96%)
HUMNL 5.80 Increased By ▲ 0.04 (0.69%)
KAPCO 28.10 No Change ▼ 0.00 (0%)
KEL 2.30 Increased By ▲ 0.01 (0.44%)
LOTCHEM 25.17 Increased By ▲ 0.12 (0.48%)
MLCF 21.80 Increased By ▲ 0.11 (0.51%)
NETSOL 86.51 Increased By ▲ 0.51 (0.59%)
OGDC 99.30 Increased By ▲ 6.92 (7.49%)
PAEL 11.11 Increased By ▲ 0.02 (0.18%)
PIBTL 4.26 Increased By ▲ 0.02 (0.47%)
PPL 85.30 Increased By ▲ 5.15 (6.43%)
PRL 13.69 Increased By ▲ 0.05 (0.37%)
SILK 0.93 Increased By ▲ 0.03 (3.33%)
SNGP 45.07 Increased By ▲ 1.60 (3.68%)
TELE 5.95 Decreased By ▼ -0.01 (-0.17%)
TPLP 16.01 Increased By ▲ 0.28 (1.78%)
TRG 115.85 Increased By ▲ 0.84 (0.73%)
UNITY 13.90 Increased By ▲ 0.05 (0.36%)
WTL 1.16 No Change ▼ 0.00 (0%)
BR100 4,174 Increased By 49.8 (1.21%)
BR30 15,308 Increased By 378.3 (2.53%)
KSE100 41,676 Increased By 485.4 (1.18%)
KSE30 15,710 Increased By 215.9 (1.39%)
Follow us

KUALA LUMPUR: Malaysian palm oil futures scaled to a near three-weak peak on Thursday, extending gains for a third straight session, driven by prospects of stronger demand after top buyer India allowed imports of refined palm oil and cut tax on the commodity.

The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange closed up 115 ringgit, or 3.20%, to 3,714 ringgit ($893.54) a tonne.

Palm rose to an intraday high of 4.5% and closed at its highest since June 11. The contract fell 8.2% last month, its biggest monthly decline since April 2020.

India on Wednesday declared that the import of refined palm oil is amended from "Restricted" to "Free," allowing imports of the product for six months.

Earlier this week, the country also cut the import tax on refined palm oil to 41.25%. Indonesia has set a lower reference price in July for crude palm oil at $1,094.15 a tonne, an official document seen by Reuters showed on Wednesday. Dalian's most-active soyaoil contract rose 3.4% and its palm oil contract gained 4.2%.

Comments

Comments are closed.

Palm oil hits near 3-week peak

Policy-level talks with IMF begin today

NA clears Trade Dispute Resolution Bill, 2022

Imran optimistic about prospects of ‘jail bharo’ protest

APC will now be held on 9th

Cases in Karachi, Lasbela: IHC asks police not to take action against Rashid

Oil & gas sector leads PSX rally

Govt decides to enhance capacity of NEECA

Huge earthquake kills 2,700 in Türkiye, Syria

High-income earners directed to pay 50pc of super tax liability

IR officials deputed at 33 sugar mills in Punjab