AVN 67.75 Decreased By ▼ -0.73 (-1.07%)
BAFL 30.98 Decreased By ▼ -0.02 (-0.06%)
BOP 4.81 Decreased By ▼ -0.10 (-2.04%)
CNERGY 3.76 Increased By ▲ 0.01 (0.27%)
DFML 13.98 Decreased By ▼ -0.25 (-1.76%)
DGKC 41.00 Decreased By ▼ -0.64 (-1.54%)
EPCL 47.05 Increased By ▲ 1.68 (3.7%)
FCCL 11.65 Decreased By ▼ -0.06 (-0.51%)
FFL 5.16 Increased By ▲ 0.06 (1.18%)
FLYNG 5.94 Increased By ▲ 0.09 (1.54%)
GGL 11.29 Increased By ▲ 0.88 (8.45%)
HUBC 67.95 Decreased By ▼ -0.55 (-0.8%)
HUMNL 5.70 Decreased By ▼ -0.05 (-0.87%)
KAPCO 28.04 Decreased By ▼ -0.18 (-0.64%)
KEL 2.27 Increased By ▲ 0.01 (0.44%)
LOTCHEM 26.20 Increased By ▲ 1.10 (4.38%)
MLCF 21.66 Increased By ▲ 0.08 (0.37%)
NETSOL 86.45 Decreased By ▼ -1.90 (-2.15%)
OGDC 100.49 Increased By ▲ 1.19 (1.2%)
PAEL 11.15 Increased By ▲ 0.04 (0.36%)
PIBTL 4.24 Increased By ▲ 0.01 (0.24%)
PPL 80.60 Decreased By ▼ -1.85 (-2.24%)
PRL 13.23 Decreased By ▼ -0.11 (-0.82%)
SILK 0.91 Increased By ▲ 0.01 (1.11%)
SNGP 43.90 Decreased By ▼ -0.48 (-1.08%)
TELE 6.07 Decreased By ▼ -0.11 (-1.78%)
TPLP 15.85 Increased By ▲ 0.04 (0.25%)
TRG 121.58 Increased By ▲ 1.83 (1.53%)
UNITY 14.00 Decreased By ▼ -0.10 (-0.71%)
WTL 1.32 Increased By ▲ 0.06 (4.76%)
BR100 4,181 Increased By 9.7 (0.23%)
BR30 15,270 Increased By 16.5 (0.11%)
KSE100 41,723 Increased By 200.6 (0.48%)
KSE30 15,746 Increased By 83 (0.53%)
Follow us

KUALA LUMPUR: Malaysian palm oil futures were steady on Monday, as traders weighed in higher export taxes in top producer Indonesia and expectations of rising supply.

The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange held its ground at 4,176 ringgit ($930.48) a tonne.

Indonesia will raise its crude palm oil reference price for Sept. 1-15 period, effectively increasing its export tax to $124 per tonne from the current $74 per tonne, senior economic ministry official Musdhalifah Machmud told Reuters.

The world’s biggest exporter also raised its 2022 biodiesel allocation to 11.03 million kilolitres amid expectations of rising demand in the fourth quarter while it extends an export levy waiver to maintain price stability.

The higher reference price and export tax added to buying momentum, but further strength was not seen as the market is expecting higher end-stocks and improving production in both Malaysia and Indonesia, a Kuala Lumpur-based trader said.

In related oils, Dalian’s most-active soyoil contract rose 0.4%, while its palm oil contract gained 0.3%. Soyoil prices on the Chicago Board of Trade were down 1.4%.

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

Palm is set for a short trading week, as the Malaysia bourse will be closed on Wednesday for a public holiday.

Comments

Comments are closed.

Palm oil steady

PL on POL products target: IMF-govt talks hamstrung by disconnect

ECP should announce election schedule for KP, Punjab: President Alvi

Death toll from Syria-Turkiye quake nears 10,000

Pak Suzuki announces plant shutdown yet again due to inventory shortage

MCB’s profit up 10% in 2022, forex income jumps 149%

LHC suspends ECP's order de-notifying 43 PTI MNAs

Pakistan navy to host 50 nations in maritime exercises from Feb 10

Sri Lanka bankruptcy to last until 2026: president

12 TTP terrorists killed in KPK’s Lakki Marwat: ISPR

AIIB chief economist briefed about state of economy