BML 4.81 Decreased By ▼ -0.10 (-2.04%)
BOP 12.74 Decreased By ▼ -0.32 (-2.45%)
CNERGY 7.01 Decreased By ▼ -0.11 (-1.54%)
CPHL 83.34 Decreased By ▼ -1.31 (-1.55%)
DCL 13.24 Decreased By ▼ -0.48 (-3.5%)
DGKC 171.80 Decreased By ▼ -1.54 (-0.89%)
FCCL 46.05 Decreased By ▼ -0.55 (-1.18%)
FFL 15.57 Decreased By ▼ -0.13 (-0.83%)
GCIL 26.58 Decreased By ▼ -0.09 (-0.34%)
HUBC 148.14 Decreased By ▼ -2.25 (-1.5%)
KEL 5.31 Increased By ▲ 0.04 (0.76%)
KOSM 6.24 Decreased By ▼ -0.16 (-2.5%)
LOTCHEM 20.67 Decreased By ▼ -0.09 (-0.43%)
MLCF 84.02 Decreased By ▼ -1.42 (-1.66%)
NBP 124.95 Decreased By ▼ -3.90 (-3.03%)
PAEL 40.96 Decreased By ▼ -1.09 (-2.59%)
PIAHCLA 21.84 Decreased By ▼ -0.32 (-1.44%)
PIBTL 10.14 Increased By ▲ 0.05 (0.5%)
POWER 14.00 Increased By ▲ 0.06 (0.43%)
PPL 163.05 Decreased By ▼ -0.91 (-0.56%)
PREMA 41.44 Decreased By ▼ -0.54 (-1.29%)
PRL 31.98 Decreased By ▼ -0.84 (-2.56%)
PTC 22.80 Decreased By ▼ -0.76 (-3.23%)
SNGP 115.12 Decreased By ▼ -2.85 (-2.42%)
SSGC 44.06 Decreased By ▼ -1.19 (-2.63%)
TELE 7.75 Decreased By ▼ -0.25 (-3.13%)
TPLP 9.90 Decreased By ▼ -0.22 (-2.17%)
TREET 23.48 Decreased By ▼ -0.49 (-2.04%)
TRG 55.84 Decreased By ▼ -1.17 (-2.05%)
WTL 1.49 Decreased By ▼ -0.03 (-1.97%)
BR100 14,134 Decreased By -4.9 (-0.03%)
BR30 39,571 Decreased By -563.9 (-1.4%)
KSE100 138,597 Decreased By -68.1 (-0.05%)
KSE30 42,341 Decreased By -12.3 (-0.03%)

KUALA LUMPUR: Malaysian palm oil futures on Wednesday rose to their highest level in nearly seven weeks, as fears of higher Indian import taxes and heavy rains hurting production fuelled buying.

The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange gained 109 ringgit, or 2.72%, to 4,120 ringgit ($873.25) a tonne.

Palm rose for a fourth consecutive session, hitting its highest since Sept. 1.

“The market was supported this week by a potential higher Indian import tax leading consumers to cover some requirements,” said Marcello Cultrera, director at commodities consultancy Apricus 8 Pte Ltd in Kuala Lumpur.

India is examining whether there is a need to raise palm oil import taxes, government and trade sources said, as part of efforts by the world’s biggest vegetable oil importer to help millions of its farmers reeling from lower oilseed prices.

Palm jumps to highest close in almost seven weeks

Palm oil prices were also supported by rainstorms curbing production and disrupting logistics in East Malaysia and Indonesia’s Central Kalimanta, Cultrera said.

Flooding and forecasts of heavy rains in parts of Indonesia and Malaysia have stoked worries about disruption to harvesting activities and hurting supply in the world’s largest producers.

Dalian’s most-active soyoil contract rose 0.7%, while its palm oil contract gained 3.9%. Soyoil prices on the Chicago Board of Trade slipped 0.1%.

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

Comments

Comments are closed.