AIRLINK 60.49 Decreased By ▼ -1.11 (-1.8%)
BOP 6.27 Increased By ▲ 0.01 (0.16%)
CNERGY 4.05 Decreased By ▼ -0.08 (-1.94%)
DFML 15.89 Decreased By ▼ -0.31 (-1.91%)
DGKC 68.72 Increased By ▲ 1.07 (1.58%)
FCCL 17.73 Decreased By ▼ -0.18 (-1.01%)
FFBL 25.51 Decreased By ▼ -0.09 (-0.35%)
FFL 9.02 Decreased By ▼ -0.24 (-2.59%)
GGL 9.84 Decreased By ▼ -0.21 (-2.09%)
HBL 115.18 Increased By ▲ 0.38 (0.33%)
HUBC 111.80 Decreased By ▼ -0.70 (-0.62%)
HUMNL 6.63 Decreased By ▼ -0.02 (-0.3%)
KEL 4.52 Increased By ▲ 0.06 (1.35%)
KOSM 4.56 Increased By ▲ 0.01 (0.22%)
MLCF 38.01 No Change ▼ 0.00 (0%)
OGDC 121.07 Decreased By ▼ -4.54 (-3.61%)
PAEL 21.79 Decreased By ▼ -0.73 (-3.24%)
PIAA 10.93 Decreased By ▼ -0.15 (-1.35%)
PIBTL 6.05 Decreased By ▼ -0.42 (-6.49%)
PPL 106.68 Decreased By ▼ -1.72 (-1.59%)
PRL 27.42 Decreased By ▼ -0.63 (-2.25%)
PTC 10.53 Decreased By ▼ -0.27 (-2.5%)
SEARL 52.05 Decreased By ▼ -0.75 (-1.42%)
SNGP 66.93 Increased By ▲ 0.13 (0.19%)
SSGC 11.64 Increased By ▲ 0.23 (2.02%)
TELE 7.07 Decreased By ▼ -0.13 (-1.81%)
TPLP 11.50 Decreased By ▼ -0.44 (-3.69%)
TRG 81.85 Increased By ▲ 4.05 (5.21%)
UNITY 21.16 Decreased By ▼ -0.53 (-2.44%)
WTL 1.27 Decreased By ▼ -0.05 (-3.79%)
BR100 6,484 Decreased By -14.8 (-0.23%)
BR30 22,098 Decreased By -168.1 (-0.76%)
KSE100 63,219 Decreased By -86.8 (-0.14%)
KSE30 21,306 Increased By 9.6 (0.05%)

KUALA LUMPUR: Malaysian palm oil futures declined on Wednesday, as better offers from larger producer Indonesia and a strengthening ringgit weighed.

The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange slid 25 ringgit, or 0.64% to 3,872 ringgit ($833.58) by midday.

A major reason behind the decline in prices was the aggressive offers from neighbouring Indonesia, the world’s biggest palm oil producer and exporter, said Paramalingam Supramaniam, director at Selangor-based brokerage Pelindung Bestari.

“The ringgit is also somewhat strengthening, putting pressure to the already fragile exports.”

The ringgit rose 0.54% against the dollar, making the commodity more expensive for buyers holding foreign currency.

In related oils, Dalian’s most-active soyoil contract was down 0.02%, while its palm oil contract fell 1.13%.

Palm firms on stronger rival oils but poor demand limits gains

Soyoil prices on the Chicago Board of Trade were down 0.4% after an overnight surge on expectation that hot and dry weather in Brazil would reduce soybean yields in the world’s top producer.

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

Oil moved in a narrow range on Wednesday as investors turned cautious ahead of a crucial OPEC+ meeting on

Thursday to decide output policy in the next months, while a supply disruption in the Black Sea provided a floor for prices. O/R Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.

Palm oil may bounce into a range of 3,935 ringgit to 3,953 ringgit per metric ton, Reuters technical analyst Wang Tao said.

Comments

200 characters