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 ticked up on Tuesday, snapping two consecutive sessions of sharp losses, as lingering concerns over tight production provided support and data showing export shipments fell in July capped gains.

The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange closed up 24 ringgit, or 0.58%, to 4,144 ringgit ($982.46) a tonne, after plunging 5.7% in the previous session.

“Until and unless production improves, prices are expected to remain defensive,” Paramalingam Supramaniam, director at Selangor-based brokerage Pelindung Bestari, said.

The Southern Peninsula Palm Oil Millers’ Association on Monday estimated July production would climb 2% on the month, traders said.

But concerns over smaller-than-usual yields linger as plantations grapple with a labour shortage during the seasonal higher production months.

Exports of Malaysian palm oil products for July fell 6.3% to 1.45 million tonnes from June, cargo surveyor Societe Generale de Surveillance said on Monday.

Dalian’s most-active soyoil contract fell 1.3%, while its palm oil contract slipped 1.9%. Soyoil prices on the Chicago Board of Trade were down 0.5%.

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

Refinitiv Agriculture Research on Monday said the contract is expected to decline towards support levels at 4,030-4,050 ringgit per tonne this week because of weak fundamentals, with resistance at 4,230-4,250 ringgit per tonne.

Comments

Comments are closed.