AIRLINK 62.48 Increased By ▲ 2.05 (3.39%)
BOP 5.36 Increased By ▲ 0.01 (0.19%)
CNERGY 4.58 Decreased By ▼ -0.02 (-0.43%)
DFML 15.50 Increased By ▲ 0.66 (4.45%)
DGKC 66.40 Increased By ▲ 1.60 (2.47%)
FCCL 17.59 Increased By ▲ 0.73 (4.33%)
FFBL 27.70 Increased By ▲ 2.95 (11.92%)
FFL 9.27 Increased By ▲ 0.21 (2.32%)
GGL 10.06 Increased By ▲ 0.10 (1%)
HBL 105.70 Increased By ▲ 1.49 (1.43%)
HUBC 122.30 Increased By ▲ 4.78 (4.07%)
HUMNL 6.60 Increased By ▲ 0.06 (0.92%)
KEL 4.50 Decreased By ▼ -0.05 (-1.1%)
KOSM 4.48 Decreased By ▼ -0.09 (-1.97%)
MLCF 36.20 Increased By ▲ 0.79 (2.23%)
OGDC 122.92 Increased By ▲ 0.53 (0.43%)
PAEL 23.00 Increased By ▲ 1.09 (4.97%)
PIAA 29.34 Increased By ▲ 2.05 (7.51%)
PIBTL 5.80 Decreased By ▼ -0.14 (-2.36%)
PPL 107.50 Increased By ▲ 0.13 (0.12%)
PRL 27.25 Increased By ▲ 0.74 (2.79%)
PTC 18.07 Increased By ▲ 1.97 (12.24%)
SEARL 53.00 Decreased By ▼ -0.63 (-1.17%)
SNGP 63.21 Increased By ▲ 2.01 (3.28%)
SSGC 10.80 Increased By ▲ 0.05 (0.47%)
TELE 9.20 Increased By ▲ 0.71 (8.36%)
TPLP 11.44 Increased By ▲ 0.86 (8.13%)
TRG 70.86 Increased By ▲ 0.95 (1.36%)
UNITY 23.62 Increased By ▲ 0.11 (0.47%)
WTL 1.28 No Change ▼ 0.00 (0%)
BR100 6,944 Increased By 65.8 (0.96%)
BR30 22,827 Increased By 258.6 (1.15%)
KSE100 67,142 Increased By 594.3 (0.89%)
KSE30 22,090 Increased By 175.1 (0.8%)

KUALA LUMPUR: Malaysian palm oil futures rose more than 1% on Monday, as top producer Indonesia moved ahead with plans to test biofuel with higher palm content, while forecasts of weak output in the world’s second-largest producer also lent support.

The benchmark palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange gained 78 ringgit, or 1.57%, to 5,034 ringgit ($1,203.73) a tonne.

Indonesia’s energy ministry plans to begin road tests for a biodiesel programme using 40% palm-based bio-content (B40) in February, a senior government official said.

“This news has supported the bullish sentiments in palm oil with a lot of rumours suggesting Indonesia may restrict crude palm oil export,” said Anilkumar Bagani, research head of Mumbai-based vegetable oils broker Sunvin Group.

“In the immediate term, the market remains supported by persistently tight supplies amid prolonged labour shortages and production losses in Malaysia,” Refinitiv Agriculture Research said in a note.

Assessments from a millers’ association showed production in the first half of January was down by 20.9% versus the same period last month, Refinitiv Agriculture Research said.

Weighing on markets, exports from Malaysia fell between 32% and 45% during Jan. 1-15 from the same period in December, cargo surveyors said on Saturday.

Malaysia kept its February export tax for crude palm oil at 8% but lowered the reference price to 4,907.14 ringgit ($1,172.55) from 5,302.01 ringgit in January.

Dalian’s most-active soyoil contract rose 0.6%, while its palm oil contract gained 0.9%. 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.

Bursa Malaysia will be closed on Tuesday for a public holiday.

Comments

Comments are closed.