AVN 65.52 Decreased By ▼ -1.18 (-1.77%)
BAFL 29.72 Increased By ▲ 0.22 (0.75%)
BOP 4.05 Decreased By ▼ -0.03 (-0.74%)
CNERGY 3.57 Decreased By ▼ -0.05 (-1.38%)
DFML 11.56 Decreased By ▼ -0.24 (-2.03%)
DGKC 42.03 Decreased By ▼ -1.17 (-2.71%)
EPCL 45.66 Decreased By ▼ -0.33 (-0.72%)
FCCL 11.60 Decreased By ▼ -0.25 (-2.11%)
FFL 5.78 Decreased By ▼ -0.10 (-1.7%)
FLYNG 5.94 Decreased By ▼ -0.13 (-2.14%)
GGL 10.88 Decreased By ▼ -0.37 (-3.29%)
HUBC 67.40 Decreased By ▼ -0.48 (-0.71%)
HUMNL 5.59 Decreased By ▼ -0.05 (-0.89%)
KAPCO 24.38 Decreased By ▼ -0.47 (-1.89%)
KEL 2.11 Decreased By ▼ -0.02 (-0.94%)
LOTCHEM 24.92 Decreased By ▼ -0.08 (-0.32%)
MLCF 24.58 Decreased By ▼ -0.29 (-1.17%)
NETSOL 74.12 Decreased By ▼ -2.08 (-2.73%)
OGDC 84.67 Decreased By ▼ -1.19 (-1.39%)
PAEL 10.61 Decreased By ▼ -0.44 (-3.98%)
PIBTL 3.91 Decreased By ▼ -0.07 (-1.76%)
PPL 64.81 Decreased By ▼ -1.19 (-1.8%)
PRL 12.74 Decreased By ▼ -0.21 (-1.62%)
SILK 0.87 Decreased By ▼ -0.01 (-1.14%)
SNGP 39.41 Decreased By ▼ -1.34 (-3.29%)
TELE 7.06 Decreased By ▼ -0.42 (-5.61%)
TPLP 14.70 Decreased By ▼ -0.39 (-2.58%)
TRG 107.60 Decreased By ▼ -2.85 (-2.58%)
UNITY 13.37 Decreased By ▼ -0.14 (-1.04%)
WTL 1.20 Decreased By ▼ -0.01 (-0.83%)
BR100 4,040 Decreased By -40.6 (-0.99%)
BR30 14,413 Decreased By -217.8 (-1.49%)
KSE100 39,942 Decreased By -434.1 (-1.08%)
KSE30 14,739 Decreased By -177.2 (-1.19%)
Follow us

JAKARTA: Malaysian palm oil futures closed higher on Monday after dropping to more than a month’s low earlier in the day, boosted by strong exports data and a weaker ringgit.

The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange edged up 0.03% to close at 3,851 ringgit ($841.75) per tonne.

The contract fell as much as 1.51% earlier in the session to hit its lowest since Oct. 17, tracking losses in Dalian oils amid fresh lockdowns in China.

Exports of Malaysian palm oil products for Nov. 1-20 rose 9.6% compared to the same period a month earlier, cargo surveyor Intertek Testing Services said on Sunday, while independent inspection company AmSpec Agri Malaysia reported a 2.9% increase.

The Malaysian ringgit, in which the palm benchmark is traded, fell as much as 0.7% against the US dollar on Monday after a general election resulted in a hung parliament, making the edible oil cheaper for holders of foreign currencies.

Besides good export data and a weak ringgit, some recovery in prices of rival edible oils also helped lift palm, a Kuala Lumpur-based trader said.

Dalian’s most-active soyoil contract fell 1.28%, while its palm oil contract lost 0.15%. They lost as much as 2% and 2.38%, respectively, earlier in the day.

Soyoil prices on the Chicago Board of Trade were down 0.34%.

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.

Palm oil firms as exports rise, ringgit falls

Free flour: Punjab govt to provide 20kg bags from 29th

Officials asked to ensure provision of free flour

Support price of wheat in Balochistan now equal to those in other provinces

ECC told: G-B working on targeted wheat subsidy plan

Free flour: PML-N seeks to regain a foothold in Punjab

PSA seeks annual limit of $800m for solar imports

Militancy crisis: WB to mull over $50m project for Fata, KP families’ succor

Marriyum heaps criticism on IK

Punjab-KP polls,general election: IK accuses govt of deep-rooted ambivalence

FBR to encourage taxpayers to adapt to ADRCs forum