AIRLINK 62.48 Increased By ▲ 2.05 (3.39%)
BOP 5.36 Increased By ▲ 0.01 (0.19%)
CNERGY 4.58 Decreased By ▼ -0.02 (-0.43%)
DFML 15.50 Increased By ▲ 0.66 (4.45%)
DGKC 66.40 Increased By ▲ 1.60 (2.47%)
FCCL 17.59 Increased By ▲ 0.73 (4.33%)
FFBL 27.70 Increased By ▲ 2.95 (11.92%)
FFL 9.27 Increased By ▲ 0.21 (2.32%)
GGL 10.06 Increased By ▲ 0.10 (1%)
HBL 105.70 Increased By ▲ 1.49 (1.43%)
HUBC 122.30 Increased By ▲ 4.78 (4.07%)
HUMNL 6.60 Increased By ▲ 0.06 (0.92%)
KEL 4.50 Decreased By ▼ -0.05 (-1.1%)
KOSM 4.48 Decreased By ▼ -0.09 (-1.97%)
MLCF 36.20 Increased By ▲ 0.79 (2.23%)
OGDC 122.92 Increased By ▲ 0.53 (0.43%)
PAEL 23.00 Increased By ▲ 1.09 (4.97%)
PIAA 29.34 Increased By ▲ 2.05 (7.51%)
PIBTL 5.80 Decreased By ▼ -0.14 (-2.36%)
PPL 107.50 Increased By ▲ 0.13 (0.12%)
PRL 27.25 Increased By ▲ 0.74 (2.79%)
PTC 18.07 Increased By ▲ 1.97 (12.24%)
SEARL 53.00 Decreased By ▼ -0.63 (-1.17%)
SNGP 63.21 Increased By ▲ 2.01 (3.28%)
SSGC 10.80 Increased By ▲ 0.05 (0.47%)
TELE 9.20 Increased By ▲ 0.71 (8.36%)
TPLP 11.44 Increased By ▲ 0.86 (8.13%)
TRG 70.86 Increased By ▲ 0.95 (1.36%)
UNITY 23.62 Increased By ▲ 0.11 (0.47%)
WTL 1.28 No Change ▼ 0.00 (0%)
BR100 6,944 Increased By 65.8 (0.96%)
BR30 22,827 Increased By 258.6 (1.15%)
KSE100 67,142 Increased By 594.3 (0.89%)
KSE30 22,090 Increased By 175.1 (0.8%)

KUALA LUMPUR: Malaysian palm oil futures climbed more than 3% to hit a six-week high on Thursday, lifted by higher exports so far in July, while dry weather and a labour shortage hitting global production of vegetable oils also boosted sentiment.

The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange climbed 136 ringgit, or 3.38%, to 4,157 ringgit ($989.53) a tonne.

Palm rose for a third straight session to its highest closing since June 3.

“Culmination of higher palm and bean oil trade on Dalian, a weaker ringgit, supportive sentiments, and soaring exports are rocking prices higher today,” said Sathia Varqa, co-founder of Singapore-based Palm Oil Analytics.

Malaysia’s exports during July 1-15 rose about 5% from the same period in June, cargo surveyors said.

Dry weather in the U.S Midwest crop belt threatening production has been supporting prices of Chicago soyabean futures, while palm oil production in Malaysia is also expected to remain constrained due to labour shortage and coronavirus-led lockdowns.

Soyaoil prices on the Chicago Board of Trade rose 0.7%. Dalian’s most-active soyaoil contract gained 1.3%, while its palm oil contract jumped 2.2%.

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

The ringgit, palm’s currency of trade, fell 0.05% against the dollar after Malaysia reported a new daily record of 13,215 new coronavirus cases. This makes the commodity cheaper for holders of foreign currency.

Comments

Comments are closed.