BAFL 45.40 Increased By ▲ 0.35 (0.78%)
BIPL 20.50 Decreased By ▼ -0.01 (-0.05%)
BOP 5.53 Decreased By ▼ -0.11 (-1.95%)
CNERGY 4.59 Increased By ▲ 0.04 (0.88%)
DFML 15.82 Increased By ▲ 0.12 (0.76%)
DGKC 74.15 Increased By ▲ 2.94 (4.13%)
FABL 27.43 Increased By ▲ 0.03 (0.11%)
FCCL 17.13 Decreased By ▼ -0.02 (-0.12%)
FFL 8.88 Increased By ▲ 0.33 (3.86%)
GGL 12.63 Decreased By ▼ -0.04 (-0.32%)
HBL 112.01 Decreased By ▼ -0.69 (-0.61%)
HUBC 120.50 Increased By ▲ 1.39 (1.17%)
HUMNL 7.64 Increased By ▲ 0.04 (0.53%)
KEL 3.31 Increased By ▲ 0.04 (1.22%)
LOTCHEM 27.80 Decreased By ▼ -0.05 (-0.18%)
MLCF 39.15 Increased By ▲ 0.07 (0.18%)
OGDC 108.92 Increased By ▲ 0.61 (0.56%)
PAEL 17.80 Increased By ▲ 0.05 (0.28%)
PIBTL 5.54 Decreased By ▼ -0.02 (-0.36%)
PIOC 106.01 Increased By ▲ 0.01 (0.01%)
PPL 93.30 Increased By ▲ 0.80 (0.86%)
PRL 25.04 Decreased By ▼ -0.30 (-1.18%)
SILK 1.03 Decreased By ▼ -0.04 (-3.74%)
SNGP 63.44 Decreased By ▼ -0.28 (-0.44%)
SSGC 11.89 Decreased By ▼ -0.11 (-0.92%)
TELE 8.30 Decreased By ▼ -0.16 (-1.89%)
TPLP 13.31 Decreased By ▼ -0.03 (-0.22%)
TRG 83.28 Decreased By ▼ -2.12 (-2.48%)
UNITY 26.36 Increased By ▲ 0.40 (1.54%)
WTL 1.55 Increased By ▲ 0.01 (0.65%)
BR100 6,223 Increased By 37.1 (0.6%)
BR30 21,643 Increased By 184 (0.86%)
KSE100 60,877 Increased By 374.7 (0.62%)
KSE30 20,344 Increased By 168.3 (0.83%)

KUALA LUMPUR: Malaysian palm oil futures rallied as much as 6.3% on Friday, as Russia’s threats to pull out of an agreement on Black Sea grain exports and heavy rains in Malaysia raised concerns over global edible oil supply.

The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange gained 169 ringgit, or 4.61%, to 3,834 ringgit ($815.74) a tonne.

For the week, palm was virtually unchanged.

Moscow has submitted concerns to the United Nations about an agreement on Black Sea grain exports, and is prepared to reject renewing the deal next month unless its demands are addressed, Russia’s Geneva U.N. ambassador told Reuters on Thursday.

This has sparked buying, as a cancellation of the agreement could affect Black Sea sunflower oil supply and create volatility in markets, Mitesh Saiya, trading manager at Mumbai-based trading firm Kantilal Laxmichand & Co.

“Monsoon season rains in Indonesia and Malaysia will put pressure on production, as we may see flooding from November to January, which may deteriorate the quality of crude palm oil,” he added.

Palm oil ends higher on widening discounts, weaker ringgit

Further supporting sentiment, Malaysia maintained its November export tax for crude palm oil at 8% and reduced its reference price to 3,575.80 ringgit ($760.81) per tonne for November.

Dalian’s most-active soyoil contract rose 2.1%, while its palm oil contract gained 2%. Soyoil prices on the Chicago Board of Trade rose 0.2%, extending gains for a third session.

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

The ringgit, palm’s currency of trade, fell 0.21% against the dollar, making the commodity cheaper for holders of foreign currency.

Comments

Comments are closed.

Palm ends nearly 5% higher on Black Sea supply disruption concerns

Intra-day update: rupee records marginal gain against US dollar

Policy envisages transformation of non-strategic SOEs

$3bn deposit: SFD extends term for one year

Israel and Hamas agree to extend temporary truce

Operation of SRO about additional tax on banks’ windfall income suspended

Defaulters’ utility connections to be cut: FBR starts serving notices with 30-day compliance time

FBR resolves Sino-Pak ‘trade gap’ issue

At the rate of Rs3.53/unit for Oct 2023: Nepra agrees to allow Discos to recover Rs32.7bn additional amount

Recycling of ships: Accession to ‘Hong Kong Convention’ approved

Defaulters of govt dues, utility bills: ECP takes major decision ahead of nomination-filing