AIRLINK 86.21 Decreased By ▼ -0.99 (-1.14%)
BOP 4.97 Decreased By ▼ -0.05 (-1%)
CNERGY 4.08 Decreased By ▼ -0.01 (-0.24%)
DFML 37.22 Decreased By ▼ -0.68 (-1.79%)
DGKC 91.20 Decreased By ▼ -2.68 (-2.85%)
FCCL 22.99 Decreased By ▼ -0.78 (-3.28%)
FFBL 33.74 Increased By ▲ 1.07 (3.28%)
FFL 9.19 Decreased By ▼ -0.06 (-0.65%)
GGL 10.05 Increased By ▲ 0.02 (0.2%)
HASCOL 6.25 Decreased By ▼ -0.29 (-4.43%)
HBL 126.25 Increased By ▲ 4.33 (3.55%)
HUBC 158.29 Increased By ▲ 12.64 (8.68%)
HUMNL 11.08 Increased By ▲ 0.58 (5.52%)
KEL 4.64 Decreased By ▼ -0.10 (-2.11%)
KOSM 4.09 Decreased By ▼ -0.10 (-2.39%)
MLCF 38.25 Decreased By ▼ -0.55 (-1.42%)
OGDC 133.40 Decreased By ▼ -1.61 (-1.19%)
PAEL 25.40 Increased By ▲ 0.32 (1.28%)
PIBTL 6.22 Decreased By ▼ -0.05 (-0.8%)
PPL 119.25 Decreased By ▼ -0.43 (-0.36%)
PRL 24.58 Increased By ▲ 0.48 (1.99%)
PTC 12.28 Increased By ▲ 0.06 (0.49%)
SEARL 59.32 Decreased By ▼ -0.48 (-0.8%)
SNGP 65.60 Increased By ▲ 0.60 (0.92%)
SSGC 9.87 Decreased By ▼ -0.18 (-1.79%)
TELE 7.85 Decreased By ▼ -0.02 (-0.25%)
TPLP 9.49 Decreased By ▼ -0.25 (-2.57%)
TRG 63.80 Decreased By ▼ -0.50 (-0.78%)
UNITY 27.26 Increased By ▲ 0.21 (0.78%)
WTL 1.28 Decreased By ▼ -0.04 (-3.03%)
BR100 8,341 Increased By 31.1 (0.37%)
BR30 26,457 Increased By 506.8 (1.95%)
KSE100 78,810 Increased By 9 (0.01%)
KSE30 25,474 Increased By 35.6 (0.14%)

KUALA LUMPUR: Malaysian palm oil futures fell for a second consecutive session on Wednesday to close at their lowest in nearly three weeks, as fears grew about waning demand after early-January exports plummeted by about half.

The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange slid 75 ringgit, or 1.88%, to 3,909 ringgit ($894.71) a tonne, its lowest close since Dec. 23.

Exports from Malaysia during Jan. 1-10 plunged between 44.6% and 51% from the same period in December, as shipments to India and China slowed, cargo surveyors data showed.

December palm oil end-stocks in the world’s second-largest producer fell to the lowest since August, as widespread flooding hit production during the year-end monsoon season, Malaysian Palm Oil Board (MPOB) data showed on Tuesday.

Malaysia’s production will improve this year by 3.3% to 19.1 million tonnes, as labour shortage issues will likely ease in mid-2023, although production costs may stay high, Ivy Ng, regional head of plantations research at CGS-CIMB Research, said in a note.

Palm oil tumbles more than 3pc as exports plunge

Ng expects palm oil prices to stay firm at 3,800-4,500 ringgit per tonne at the start of the first quarter due to adverse weather hitting edible oil producing countries, lower sunflower seed output in Ukraine, and Indonesia’s policies restricting exports while increasing the use of palm oil biodiesel.

Dalian’s most-active soyoil contract fell 0.4%, while its palm oil contract eased 1.3%. Soyoil prices on the Chicago Board of Trade were up 0.6%.

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.