ANL 10.72 Increased By ▲ 0.27 (2.58%)
ASC 9.98 Increased By ▲ 0.17 (1.73%)
ASL 11.15 Decreased By ▼ -0.50 (-4.29%)
AVN 69.95 Increased By ▲ 0.59 (0.85%)
BOP 5.95 Increased By ▲ 0.01 (0.17%)
CNERGY 5.20 Increased By ▲ 0.05 (0.97%)
FFL 6.90 Decreased By ▼ -0.05 (-0.72%)
FNEL 6.03 Increased By ▲ 0.05 (0.84%)
GGGL 11.44 Increased By ▲ 0.15 (1.33%)
GGL 15.47 Increased By ▲ 0.34 (2.25%)
GTECH 8.99 Increased By ▲ 0.19 (2.16%)
HUMNL 6.30 Increased By ▲ 0.03 (0.48%)
KEL 2.52 Increased By ▲ 0.03 (1.2%)
KOSM 2.99 Increased By ▲ 0.15 (5.28%)
MLCF 27.10 Decreased By ▼ -0.51 (-1.85%)
PACE 3.05 No Change ▼ 0.00 (0%)
PIBTL 5.94 Decreased By ▼ -0.01 (-0.17%)
PRL 16.02 Increased By ▲ 0.69 (4.5%)
PTC 7.30 No Change ▼ 0.00 (0%)
SILK 1.37 Increased By ▲ 0.04 (3.01%)
SNGP 26.24 Increased By ▲ 0.43 (1.67%)
TELE 10.46 Increased By ▲ 0.21 (2.05%)
TPL 9.09 Increased By ▲ 0.42 (4.84%)
TPLP 15.79 Increased By ▲ 0.70 (4.64%)
TREET 28.80 Increased By ▲ 0.20 (0.7%)
TRG 77.25 Increased By ▲ 2.55 (3.41%)
UNITY 21.95 Decreased By ▼ -0.24 (-1.08%)
WAVES 13.18 Increased By ▲ 0.13 (1%)
WTL 1.49 Decreased By ▼ -0.01 (-0.67%)
YOUW 4.85 Increased By ▲ 0.04 (0.83%)
BR100 4,201 Decreased By -2.9 (-0.07%)
BR30 14,729 Increased By 176 (1.21%)
KSE100 42,317 Decreased By -123.2 (-0.29%)
KSE30 16,059 Decreased By -34 (-0.21%)
Markets

Palm oil hits 10-day closing high, rising stock forecast weighs

  • Polls peg sharp rise in end-Aug stocks, output
  • Exports may recover in Sept ahead of festivals: analyst
  • Sept CPO prices seen at 3,500-4,000 RGT/T: analyst
06 Sep, 2021

KUALA LUMPUR: Malaysian palm oil futures rose for a third straight day on Monday, closing at its highest in 10 days on hopes of better demand in September, even as expectations of an increase in stocks and production capped gains.

The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange rose 20 ringgit, or 0.46%, to 4,330 ringgit ($1,044.38) a tonne.

It earlier hit an intraday high of 1.8%.

Malaysia's end-August palm oil inventories jumped 16.3% from July to 1.74 million tonnes, its highest in over a year, according to a Reuters survey on Friday.

Production rose 11.2% to 1.7 million tonnes, while exports slumped 12.3% to 1.24 million tonnes, the survey showed.

Palm oil falls tracking rival oils, logs 1.5% weekly climb

The projected jump in inventories is sharper than historical trends of a 3% rise in August, but still far below the historical average of 2 million tonnes, Ivy Ng, regional head of plantations research at CGS-CIMB Research, said.

"We think the slump in exports in August may be temporary due to the upcoming mooncake and Diwali festivals."

The market is awaiting the Malaysian Palm Oil Board to release August supply and demand data on Sept. 10.

Malaysia, the world's second-largest producer of palm oil, is facing a perfect storm of production headwinds that will likely drag global stocks to their lowest level in five years.

Crude palm oil prices are projected to remain firm at 3,500-4,000 ringgit a tonne in September, Ng said.

Dalian's most-active soyoil contract rose 1.3%, while its palm oil contract was up 2%. The Chicago Board of Trade was closed for a public holiday.

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.