AIRLINK 69.92 Increased By ▲ 4.72 (7.24%)
BOP 5.46 Decreased By ▼ -0.11 (-1.97%)
CNERGY 4.50 Decreased By ▼ -0.06 (-1.32%)
DFML 25.71 Increased By ▲ 1.19 (4.85%)
DGKC 69.85 Decreased By ▼ -0.11 (-0.16%)
FCCL 20.02 Decreased By ▼ -0.28 (-1.38%)
FFBL 30.69 Increased By ▲ 1.58 (5.43%)
FFL 9.75 Decreased By ▼ -0.08 (-0.81%)
GGL 10.12 Increased By ▲ 0.11 (1.1%)
HBL 114.90 Increased By ▲ 0.65 (0.57%)
HUBC 132.10 Increased By ▲ 3.00 (2.32%)
HUMNL 6.73 Increased By ▲ 0.02 (0.3%)
KEL 4.44 No Change ▼ 0.00 (0%)
KOSM 4.93 Increased By ▲ 0.04 (0.82%)
MLCF 36.45 Decreased By ▼ -0.55 (-1.49%)
OGDC 133.90 Increased By ▲ 1.60 (1.21%)
PAEL 22.50 Decreased By ▼ -0.04 (-0.18%)
PIAA 25.39 Decreased By ▼ -0.50 (-1.93%)
PIBTL 6.61 Increased By ▲ 0.01 (0.15%)
PPL 113.20 Increased By ▲ 0.35 (0.31%)
PRL 30.12 Increased By ▲ 0.71 (2.41%)
PTC 14.70 Decreased By ▼ -0.54 (-3.54%)
SEARL 57.55 Increased By ▲ 0.52 (0.91%)
SNGP 66.60 Increased By ▲ 0.15 (0.23%)
SSGC 10.99 Increased By ▲ 0.01 (0.09%)
TELE 8.77 Decreased By ▼ -0.03 (-0.34%)
TPLP 11.51 Decreased By ▼ -0.19 (-1.62%)
TRG 68.61 Decreased By ▼ -0.01 (-0.01%)
UNITY 23.47 Increased By ▲ 0.07 (0.3%)
WTL 1.34 Decreased By ▼ -0.04 (-2.9%)
BR100 7,394 Increased By 99.2 (1.36%)
BR30 24,121 Increased By 266.7 (1.12%)
KSE100 70,910 Increased By 619.8 (0.88%)
KSE30 23,377 Increased By 205.6 (0.89%)

KUALA LUMPUR: Malaysian palm oil futures slipped after two sessions of gains on Wednesday, after rival soyaoil fell after the United States raised a proposal to scale back biofuel blending mandates and as concerns over the Omicron coronavirus variant weighed.

The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange closed down 82 ringgit, or 1.7%, at 4,847 ringgit ($1,147.76) a tonne, after falling as much as 2.6% earlier in the day.

“Market took a dip after the sell off in Chicago soyaoil due to the lower blending mandate by US Environmental Protection Agency,” said Paramalingam Supramaniam, director at Selangor-based brokerage Pelindung Bestari.

The Biden administration on Tuesday proposed scaling back the amount of biofuels that US oil refiners were required to blend into their fuel mix since the onset of the COVID-19 pandemic.

Palm oil is facing reduction in December production and labour shortage woes, but demand is tapering and that could cap prices from rallying further at least until the end of the year, Paramalingam added.

The contract is pressured by Omicron worries and rising global supplies, on top of concerns that demand for palm oil in key destinations has been weighed down by the palm’s narrowing discount to rival oils, Refinitiv analysts said in a note.

Soyaoil prices on the Chicago Board of Trade fell 2.3%. Dalian’s most-active soyaoil contract eased 1.5%, while its palm oil contract slipped 2.6%.

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.