BAFL 53.19 Increased By ▲ 3.16 (6.32%)
BIPL 22.90 Increased By ▲ 0.49 (2.19%)
BOP 5.67 Increased By ▲ 0.25 (4.61%)
CNERGY 5.12 Increased By ▲ 0.07 (1.39%)
DFML 19.35 Increased By ▲ 0.17 (0.89%)
DGKC 80.54 Increased By ▲ 0.39 (0.49%)
FABL 33.11 Increased By ▲ 0.26 (0.79%)
FCCL 20.25 No Change ▼ 0.00 (0%)
FFL 10.48 Increased By ▲ 0.83 (8.6%)
GGL 13.61 Increased By ▲ 0.01 (0.07%)
HBL 129.52 Increased By ▲ 8.18 (6.74%)
HUBC 123.38 Increased By ▲ 0.88 (0.72%)
HUMNL 8.04 Increased By ▲ 0.04 (0.5%)
KEL 4.43 Increased By ▲ 0.46 (11.59%)
LOTCHEM 28.01 Decreased By ▼ -0.07 (-0.25%)
MLCF 42.71 Increased By ▲ 0.51 (1.21%)
OGDC 125.38 Increased By ▲ 4.05 (3.34%)
PAEL 21.33 Increased By ▲ 1.10 (5.44%)
PIBTL 6.11 Increased By ▲ 0.31 (5.34%)
PIOC 118.47 Increased By ▲ 2.57 (2.22%)
PPL 113.85 Increased By ▲ 3.10 (2.8%)
PRL 31.80 Increased By ▲ 2.22 (7.51%)
SILK 1.10 Increased By ▲ 0.02 (1.85%)
SNGP 69.44 Increased By ▲ 0.41 (0.59%)
SSGC 13.76 Increased By ▲ 0.06 (0.44%)
TELE 9.16 Increased By ▲ 0.41 (4.69%)
TPLP 14.79 Increased By ▲ 0.12 (0.82%)
TRG 92.45 Increased By ▲ 1.15 (1.26%)
UNITY 27.47 Increased By ▲ 0.22 (0.81%)
WTL 1.67 Increased By ▲ 0.04 (2.45%)
BR100 6,815 Increased By 167.1 (2.51%)
BR30 24,245 Increased By 677 (2.87%)
KSE100 66,224 Increased By 1505.6 (2.33%)
KSE30 22,123 Increased By 529.1 (2.45%)

KUALA LUMPUR: Malaysian palm oil futures ended lower on Monday, weighed down by weaker exports in October so far, but Malaysian Palm Oil Board (MPOB) data showing tightening supply helped limit losses.

The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange closed down 13 ringgit, or 0.26%, at 4,953 ringgit ($1,188.34) a tonne, after climbing 10% last week.

Exports of Malaysian palm oil products for Oct. 1-10 fell 7.5% to 500,381 tonnes compared with the same period in September, cargo surveyor Amspec Agri said.

Malaysia's end-September palm oil stocks fell 6.99% to 1.75 million tonnes compared with the previous month, according to MPOB data.

Crude palm oil production declined 0.39%, while palm oil exports surged 36.83%, MPOB said.

The pace of declines in stockpile is more than expected after production stayed flat, while domestic usage and exports surged, said Sathia Varqa, co-founder of Singapore-based Palm Oil Analytics.

MPOB data seems fully priced-in and the major catalyst for the palm oil markets now is the resumption of buying from China after the Golden Week holiday, said Anilkumar Bagani, research head of Mumbai-based vegetable oils broker Sunvin Group.

Dalian's most-active soyoil contract rose 0.5%, while its palm oil contract jumped 1.2%. Soyoil prices on the Chicago Board of Trade gained 0.3%.

Concerns over the shutdown of crushing plants in many Chinese provinces due to power shortages helped boost Dalian palm olein prices, Refinitiv Agriculture Research said in a note.

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

The contract will extend its rally and challenge record-high levels of 5,050 ringgit to 5,070 ringgit this week, also helped by soaring crude prices, according to Refinitiv.

Comments

Comments are closed.

Palm oil slips on lower exports

Israel strikes Gaza after failed UN ceasefire bid

$100 billion export vision: Pakistan eyes to reduce trade deficit with China

Nawaz stresses on improving relations with India, other neigbours

Gold price per tola falls Rs3,000 in Pakistan

Sarah Inam murder case: Verdict to be announced on December 14

Iran says reviving nuclear deal 'useless'

OPEC members push against including fossil fuels phase-out in COP28 deal

Turkiye's Erdogan denounces UN 'Israel protection council'

Sydney bakes in hottest day in three years

Debt servicing: CPHGCL urges CPPA-G to make Rs25.4bn payment