AGL 6.90 Increased By ▲ 0.10 (1.47%)
ANL 9.45 Increased By ▲ 0.05 (0.53%)
AVN 78.88 Increased By ▲ 0.76 (0.97%)
BOP 5.42 Increased By ▲ 0.02 (0.37%)
CNERGY 4.96 Increased By ▲ 0.11 (2.27%)
EFERT 78.00 No Change ▼ 0.00 (0%)
EPCL 56.10 Increased By ▲ 0.30 (0.54%)
FCCL 15.43 Increased By ▲ 0.24 (1.58%)
FFL 6.47 Increased By ▲ 0.15 (2.37%)
FLYNG 8.03 Increased By ▲ 0.93 (13.1%)
GGGL 10.41 Increased By ▲ 0.06 (0.58%)
GGL 16.64 Increased By ▲ 0.33 (2.02%)
GTECH 8.90 Increased By ▲ 0.72 (8.8%)
HUMNL 6.44 Increased By ▲ 0.05 (0.78%)
KEL 2.94 Increased By ▲ 0.02 (0.68%)
LOTCHEM 29.25 Increased By ▲ 0.30 (1.04%)
MLCF 27.99 Increased By ▲ 0.54 (1.97%)
OGDC 75.03 Decreased By ▼ -0.17 (-0.23%)
PAEL 16.20 Increased By ▲ 0.25 (1.57%)
PIBTL 5.55 No Change ▼ 0.00 (0%)
PRL 17.17 Increased By ▲ 0.26 (1.54%)
SILK 1.10 Increased By ▲ 0.03 (2.8%)
TELE 10.75 Increased By ▲ 0.05 (0.47%)
TPL 8.12 Increased By ▲ 0.15 (1.88%)
TPLP 21.26 Increased By ▲ 0.43 (2.06%)
TREET 23.35 Increased By ▲ 0.35 (1.52%)
TRG 129.95 Increased By ▲ 1.25 (0.97%)
UNITY 23.47 Increased By ▲ 0.12 (0.51%)
WAVES 11.70 Increased By ▲ 0.16 (1.39%)
WTL 1.23 Increased By ▲ 0.12 (10.81%)
BR100 4,157 Increased By 44.5 (1.08%)
BR30 15,742 Increased By 147.8 (0.95%)
KSE100 41,540 Increased By 327.9 (0.8%)
KSE30 15,538 Increased By 128.4 (0.83%)
Follow us

JAKARTA: Malaysian palm oil futures posted a third consecutive day of gains on Thursday over expectations of lower December output, as torrential rains that began last week caused floods in eight states in Malaysia.

The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange closed 0.63% higher at 4,476 ringgit ($1,066.22), having gained 3.73% over the previous two days.

“For the time being market is supported by supply concern, and tracking rival oils movement,” a trader in Kuala Lumpur said, referring to floods in peninsular Malaysia.

On the Dalian Commodity Exchange, soyoil contract for May delivery rose 1.49%, while its palm oil contract gained 1.65%. Soybean oil prices on the Chicago Board of Trade for May delivery were down 0.49%.

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

Oil prices rose on Thursday for a third straight day, underpinned by a weaker dollar on optimism about global growth, even as governments from Australia to Europe step up curbs to slow the spread of the Omicron coronavirus variant.

Stronger crude oil futures typically make palm a more attractive option for biodiesel feedstock.

On the technical front, palm oil may test a resistance at 4,555 ringgit per tonne, a break above which could lead to a gain into 4,625-4,676 ringgit range, said Reuters technical analyst Wang Tao.

Comments

Comments are closed.