AVN 67.60 Increased By ▲ 0.50 (0.75%)
BAFL 30.99 Decreased By ▼ -0.01 (-0.03%)
BOP 4.91 Increased By ▲ 0.01 (0.2%)
CNERGY 3.74 Decreased By ▼ -0.04 (-1.06%)
DFML 14.03 Decreased By ▼ -0.40 (-2.77%)
DGKC 41.11 Decreased By ▼ -0.74 (-1.77%)
EPCL 46.58 Increased By ▲ 0.01 (0.02%)
FCCL 11.60 Decreased By ▼ -0.09 (-0.77%)
FFL 5.03 Decreased By ▼ -0.04 (-0.79%)
FLYNG 5.85 Increased By ▲ 0.05 (0.86%)
GGL 10.34 Decreased By ▼ -0.08 (-0.77%)
HUBC 68.04 Increased By ▲ 0.04 (0.06%)
HUMNL 5.74 Decreased By ▼ -0.02 (-0.35%)
KAPCO 28.02 Decreased By ▼ -0.08 (-0.28%)
KEL 2.26 Decreased By ▼ -0.03 (-1.31%)
LOTCHEM 25.02 Decreased By ▼ -0.03 (-0.12%)
MLCF 21.45 Decreased By ▼ -0.24 (-1.11%)
NETSOL 87.66 Increased By ▲ 1.66 (1.93%)
OGDC 99.30 Increased By ▲ 6.92 (7.49%)
PAEL 11.00 Decreased By ▼ -0.09 (-0.81%)
PIBTL 4.26 Increased By ▲ 0.02 (0.47%)
PPL 81.12 Increased By ▲ 0.97 (1.21%)
PRL 13.23 Decreased By ▼ -0.41 (-3.01%)
SILK 0.88 Decreased By ▼ -0.02 (-2.22%)
SNGP 43.85 Increased By ▲ 0.38 (0.87%)
TELE 6.12 Increased By ▲ 0.16 (2.68%)
TPLP 15.66 Decreased By ▼ -0.07 (-0.45%)
TRG 118.99 Increased By ▲ 3.98 (3.46%)
UNITY 14.01 Increased By ▲ 0.16 (1.16%)
WTL 1.23 Increased By ▲ 0.07 (6.03%)
BR100 4,171 Increased By 47 (1.14%)
BR30 15,253 Increased By 323.5 (2.17%)
KSE100 41,523 Increased By 332 (0.81%)
KSE30 15,663 Increased By 168.9 (1.09%)
Follow us

JAKARTA: Malaysian palm oil futures dropped on Thursday, snapping three straight sessions of gains, dragged down by weaker rival vegetable oil prices and a stronger ringgit.

The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange fell 2.27% to 4,138 ringgit ($939.39) a tonne by midday.

“Today our market is following Chicago Board of Trade soyoil leads as well as weaker Dalian palm oils pricing,” a Kuala Lumpur-based trader said, adding that the strengthening in ringgit would also discourage exports.

Exports of Malaysian palm oil in November rose between 1.7% and 5.6% from the month before, according to data from cargo surveyors Intertek Testing Services and Amspec Agri.

Indonesia set reference price of its crude palm oil (CPO) at $824.32 per tonne for Dec. 1-15 shipments, a Trade Ministry regulation showed on Wednesday, keeping export tax at $33 per tonne and levy at $85 per tonne. Soyoil prices on the Chicago Board of Trade were down 3.31%.

Dalian’s most active soyoil contract and its palm oil contract fell 0.15% and 0.8% respectively.

Palm oil logs second consecutive monthly rise

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

The ringgit gained 0.86% against the US dollar after a 1.37% rally on Wednesday, touching its strongest in more than five months.

A stronger ringgit makes palm oil less attractive for holders of foreign currencies.

Palm oil may retest a resistance at 4,329 ringgit a tonne, a break above which could lead to a gain into 4,400-4,497 ringgit range, Reuters technical analyst Wang Tao said.

Comments

Comments are closed.

Palm falls on weaker rival oils, ringgit rally

Rupee falls 0.35%, settles at 276.28 against US dollar

Government postpones All Parties Conference again as PM will be in Turkiye

KSE-100 rises 0.81% on optimism over resolution of gas sector circular debt

Up to $5mn smuggled into Afghanistan from Pakistan daily: report

PM Shehbaz orders establishment of relief fund to aid Turkiye

Debt reprofiling viable option for Pakistan under IMF watch: report

US trade deficit widens in 2022 to record on strong imports

Islamabad court rejects Sheikh Rashid’s bail petition

Former president Pervez Musharraf laid to rest in Karachi: ISPR

IMF should work with Pakistan to protect the deprived: Human Rights Watch