ANL 13.94 Decreased By ▼ -0.36 (-2.52%)
ASC 13.70 Decreased By ▼ -0.20 (-1.44%)
ASL 15.26 Decreased By ▼ -0.07 (-0.46%)
AVN 99.60 Decreased By ▼ -3.39 (-3.29%)
BOP 8.66 Decreased By ▼ -0.09 (-1.03%)
CNERGY 7.02 Decreased By ▼ -0.14 (-1.96%)
FFL 9.39 Decreased By ▼ -0.29 (-3%)
FNEL 9.19 Decreased By ▼ -0.22 (-2.34%)
GGGL 14.90 Decreased By ▼ -0.40 (-2.61%)
GGL 22.59 Decreased By ▼ -0.72 (-3.09%)
GTECH 10.15 Decreased By ▼ -0.21 (-2.03%)
HUMNL 6.68 No Change ▼ 0.00 (0%)
KEL 3.28 Decreased By ▼ -0.03 (-0.91%)
KOSM 4.34 Decreased By ▼ -0.19 (-4.19%)
MLCF 33.90 Decreased By ▼ -0.20 (-0.59%)
PACE 4.33 Decreased By ▼ -0.24 (-5.25%)
PIBTL 7.44 Decreased By ▼ -0.12 (-1.59%)
PRL 14.76 Decreased By ▼ -0.33 (-2.19%)
PTC 9.19 Decreased By ▼ -0.10 (-1.08%)
SILK 1.45 Decreased By ▼ -0.08 (-5.23%)
SNGP 34.29 Decreased By ▼ -0.23 (-0.67%)
TELE 17.68 Decreased By ▼ -0.41 (-2.27%)
TPL 15.59 Decreased By ▼ -0.51 (-3.17%)
TPLP 29.75 Decreased By ▼ -0.65 (-2.14%)
TREET 40.80 Decreased By ▼ -0.60 (-1.45%)
TRG 96.80 Decreased By ▼ -7.10 (-6.83%)
UNITY 28.69 Increased By ▲ 0.19 (0.67%)
WAVES 15.65 Decreased By ▼ -0.15 (-0.95%)
WTL 2.39 Decreased By ▼ -0.08 (-3.24%)
YOUW 7.96 Decreased By ▼ -0.32 (-3.86%)
BR100 4,686 Decreased By -28.2 (-0.6%)
BR30 18,646 Decreased By -611.3 (-3.17%)
KSE100 45,585 Decreased By -178.8 (-0.39%)
KSE30 17,924 Decreased By -74.7 (-0.42%)

coronavirus
Coronavirus
VERY HIGH
Source: covid.gov.pk
Pakistan Deaths
29,019
724hr
Pakistan Cases
1,328,487
4,34024hr
Sindh
502,500
Punjab
453,392
Balochistan
33,705
Islamabad
111,376
KPK
182,311

KUALA LUMPUR: Malaysian palm oil futures ended slightly higher on Monday as crude and global markets rebounded from a tumble stoked by the discovery of a new coronavirus variant last week, although concerns over renewed lockdowns kept prices in check. The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange closed up 9 ringgit, or 0.19%, to 4,858 ringgit ($1,146.57) a tonne.

“After a slump in broader markets on Friday, commodities and other instruments are trying to stabilise and waiting for the assessment of actual risk to the demand and other aspects due to the spread of the new variant,” said Anilkumar Bagani, research head of Mumbai-based vegetable oils broker Sunvin Group.

The Omicron variant has spread around the world, prompting Japan to close its borders to all foreigners and Australia to review plans to re-open to skilled migrants, even as more countries imposed travel restrictions.

Additional measures could cause more volatility in financial and commodity instruments going forward, Bagani added. Oil rebounded as some investors viewed Friday’s slump on concern about the Omicron variant as overdone, making palm a more attractive option for biodiesel feedstock.

Dalian’s most-active soyoil contract fell 1.1%, while its palm oil contract lost 1.4%. Soyoil prices on the Chicago Board of Trade were up 0.7%. Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

Deep negative import margins and palm oil’s narrow spread over competing edible oils have evaporated fresh buying in destination markets, Bagani said, adding, it could hurt optimism for Malaysia’s exports in December if this persists. Refinitiv Agriculture Research said the contract may ease towards support levels of 4,755-4,775 ringgit a tonne this week, pressured by renewed lockdowns and fears over the Omicron variant.

Comments

Comments are closed.