ANL 12.62 Increased By ▲ 0.32 (2.6%)
ASC 14.65 Increased By ▲ 0.55 (3.9%)
ASL 15.60 Increased By ▲ 0.56 (3.72%)
AVN 104.25 Increased By ▲ 4.00 (3.99%)
BOP 8.42 Decreased By ▼ -0.01 (-0.12%)
CNERGY 6.47 Increased By ▲ 0.07 (1.09%)
FFL 9.17 Increased By ▲ 0.10 (1.1%)
FNEL 8.95 Increased By ▲ 0.28 (3.23%)
GGGL 13.40 Increased By ▲ 0.22 (1.67%)
GGL 20.88 Increased By ▲ 0.98 (4.92%)
GTECH 9.70 Increased By ▲ 0.30 (3.19%)
HUMNL 6.60 No Change ▼ 0.00 (0%)
KEL 3.16 Increased By ▲ 0.06 (1.94%)
KOSM 4.34 Increased By ▲ 0.29 (7.16%)
MLCF 33.65 Increased By ▲ 0.17 (0.51%)
PACE 4.20 Increased By ▲ 0.14 (3.45%)
PIBTL 7.24 Increased By ▲ 0.07 (0.98%)
PRL 14.34 Increased By ▲ 0.23 (1.63%)
PTC 8.68 Decreased By ▼ -0.01 (-0.12%)
SILK 1.34 Increased By ▲ 0.01 (0.75%)
SNGP 33.80 Increased By ▲ 0.20 (0.6%)
TELE 17.88 Increased By ▲ 0.63 (3.65%)
TPL 13.50 Increased By ▲ 0.48 (3.69%)
TPLP 28.02 Increased By ▲ 2.46 (9.62%)
TREET 39.69 Increased By ▲ 0.99 (2.56%)
TRG 83.30 Increased By ▲ 1.56 (1.91%)
UNITY 27.85 Increased By ▲ 0.54 (1.98%)
WAVES 15.05 Increased By ▲ 0.35 (2.38%)
WTL 2.22 Increased By ▲ 0.08 (3.74%)
YOUW 8.09 Increased By ▲ 0.55 (7.29%)
BR100 4,597 Increased By 11.2 (0.24%)
BR30 17,781 Increased By 212.3 (1.21%)
KSE100 45,018 Increased By 192.3 (0.43%)
KSE30 17,748 Increased By 81.8 (0.46%)

coronavirus
Coronavirus
VERY HIGH
Source: covid.gov.pk
Pakistan Deaths
29,065
2324hr
Pakistan Cases
1,353,479
7,67824hr
Sindh
516,874
Punjab
458,879
Balochistan
33,812
Islamabad
115,047
KPK
183,403
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.