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 6,941 Increased By 63.6 (0.92%)
BR30 22,802 Increased By 233 (1.03%)
KSE100 67,142 Increased By 594.3 (0.89%)
KSE30 22,090 Increased By 175.1 (0.8%)
Markets

Palm oil closes at over one-week high on global supply worries

  • Ringgit rose 0.21% against the dollar, capping palm gains
  • Indonesia B40 biodiesel plan delayed due to high palm prices
Published August 26, 2021

KUALA LUMPUR: Malaysian palm oil futures closed at a more than one-week high on Thursday due to concerns over tight edible oil supply worldwide, though weak August exports and a firmer ringgit capped gains.

The ringgit, palm's currency of trade, rose 0.21% against the dollar, making the commodity more expensive for holders of foreign currency.

The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange ended up 26 ringgit, or 0.6%, at 4,390 ringgit ($1,046.98) a tonne, its highest closing since Aug. 17.

Palm started the day higher, but could not sustain the momentum due to the absence of fresh news, and weighed down by a firmer ringgit, Sathia Varqa, co-founder of Singapore-based Palm Oil Analytics said.

Palm gains over 1% on global supply woes

Top producer Indonesia's plans to raise the mandatory bio-content in its palm oil-based biodiesel to 40% may face further delays, after the high price of the vegetable oil has made the programme too costly, a senior government official told Reuters.

Exports of Malaysian palm oil products for Aug. 1-25 fell 13% from a month before, cargo surveyor Societe Generale de Surveillance said on Wednesday.

Dryness over the next six months in Argentina is expected to reduce the size of the country's two main cash crops, corn and soy, while complicating navigation of grain cargo ships on the Parana River, analysts said.

The US Department of Agriculture reported on Monday a weekly decline in crop conditions as severely hot weather was forecast for the heart of the Midwest crop belt, though beneficial rainfall eased some concerns.

Soyoil prices on the Chicago Board of Trade fell 0.9%, after rising 1% in the previous session. Dalian's most-active soyoil contract rose 0.5%, while its palm oil contract was up 0.3%.

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

Comments

Comments are closed.