AGL 6.85 Increased By ▲ 0.18 (2.7%)
ANL 9.79 Decreased By ▼ -0.06 (-0.61%)
AVN 76.50 Increased By ▲ 0.50 (0.66%)
BOP 5.44 Increased By ▲ 0.07 (1.3%)
CNERGY 4.99 No Change ▼ 0.00 (0%)
EFERT 78.70 Increased By ▲ 0.67 (0.86%)
EPCL 55.75 Increased By ▲ 0.05 (0.09%)
FCCL 15.40 Increased By ▲ 0.02 (0.13%)
FFL 6.53 Decreased By ▼ -0.01 (-0.15%)
FLYNG 7.30 Increased By ▲ 0.02 (0.27%)
GGGL 10.66 Increased By ▲ 0.11 (1.04%)
GGL 16.73 Decreased By ▼ -0.02 (-0.12%)
GTECH 8.37 Decreased By ▼ -0.13 (-1.53%)
HUMNL 6.51 Increased By ▲ 0.01 (0.15%)
KEL 3.03 Decreased By ▼ -0.02 (-0.66%)
LOTCHEM 29.10 Increased By ▲ 0.09 (0.31%)
MLCF 28.53 Increased By ▲ 0.13 (0.46%)
OGDC 75.65 Decreased By ▼ -0.40 (-0.53%)
PAEL 15.65 Decreased By ▼ -0.03 (-0.19%)
PIBTL 5.47 Increased By ▲ 0.17 (3.21%)
PRL 17.70 Increased By ▲ 0.08 (0.45%)
SILK 1.09 Increased By ▲ 0.03 (2.83%)
TELE 10.72 Increased By ▲ 0.02 (0.19%)
TPL 8.16 Decreased By ▼ -0.10 (-1.21%)
TPLP 21.01 Decreased By ▼ -0.36 (-1.68%)
TREET 23.40 Decreased By ▼ -0.21 (-0.89%)
TRG 125.52 Increased By ▲ 0.27 (0.22%)
UNITY 22.60 No Change ▼ 0.00 (0%)
WAVES 11.59 Increased By ▲ 0.02 (0.17%)
WTL 1.14 Decreased By ▼ -0.01 (-0.87%)
BR100 4,131 Decreased By -23.7 (-0.57%)
BR30 15,635 Increased By 25.3 (0.16%)
KSE100 41,209 Decreased By -225.7 (-0.54%)
KSE30 15,397 Decreased By -107.5 (-0.69%)
Follow us

KUALA LUMPUR: Malaysian palm oil futures slumped more than 5% on Monday, snapping a four-session rally as as larger rival Indonesia relaxed its quota for export shipments.

The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange slid 216 ringgit, or 5.04%, to 4,073 ringgit ($915.08) a tonne.

The contract surged 8.4% last week to a more than three- week high.

Top producer Indonesia will retain its domestic sales rule for palm oil to keep local cooking oil prices affordable, a senior official told Reuters.

But the government from Monday will allow exporters to ship nine times the amount sold locally under the rule, up from seven times previously, Septian Hario Seto, a deputy coordinating minister for maritime and investment affairs, said in an interview.

Palm oil is also weighed down by rumours that Jakarta will lower palm oil reference price for August, said Anilkumar Bagani, research head of Mumbai-based vegetable oils broker Sunvin Group.

Exports of Malaysian palm oil products for July rose between 0.8% and 4% from the same week June, according to cargo surveyors’ data.

Comments

Comments are closed.