AIRLINK 169.98 Decreased By ▼ -0.59 (-0.35%)
BOP 11.29 Increased By ▲ 0.11 (0.98%)
CNERGY 8.51 Increased By ▲ 0.10 (1.19%)
CPHL 100.21 Increased By ▲ 0.48 (0.48%)
FCCL 46.50 Decreased By ▼ -0.10 (-0.21%)
FFL 15.46 Increased By ▲ 0.31 (2.05%)
FLYNG 27.75 Increased By ▲ 0.20 (0.73%)
HUBC 142.20 Increased By ▲ 4.42 (3.21%)
HUMNL 12.82 Decreased By ▼ -0.10 (-0.77%)
KEL 4.51 Decreased By ▼ -0.03 (-0.66%)
KOSM 5.40 Increased By ▲ 0.04 (0.75%)
MLCF 63.10 Increased By ▲ 0.70 (1.12%)
OGDC 212.57 Increased By ▲ 0.41 (0.19%)
PACE 5.38 Decreased By ▼ -0.04 (-0.74%)
PAEL 46.70 Decreased By ▼ -0.48 (-1.02%)
PIAHCLA 18.19 Decreased By ▼ -0.29 (-1.57%)
PIBTL 10.90 Increased By ▲ 0.54 (5.21%)
POWER 12.30 Decreased By ▼ -0.03 (-0.24%)
PPL 170.64 Increased By ▲ 1.04 (0.61%)
PRL 36.12 Increased By ▲ 0.27 (0.75%)
PTC 23.20 Increased By ▲ 0.11 (0.48%)
SEARL 97.00 Increased By ▲ 0.74 (0.77%)
SSGC 41.27 Increased By ▲ 1.75 (4.43%)
SYM 13.82 Decreased By ▼ -0.02 (-0.14%)
TELE 7.13 Decreased By ▼ -0.02 (-0.28%)
TPLP 10.06 Increased By ▲ 0.03 (0.3%)
TRG 63.99 Increased By ▲ 0.51 (0.8%)
WAVESAPP 10.05 Increased By ▲ 0.06 (0.6%)
WTL 1.31 No Change ▼ 0.00 (0%)
YOUW 3.70 Increased By ▲ 0.04 (1.09%)
BR100 12,414 Increased By 109 (0.89%)
BR30 37,809 Increased By 394 (1.05%)
KSE100 115,736 Increased By 882.4 (0.77%)
KSE30 35,490 Increased By 273.1 (0.78%)

JAKARTA: Malaysian palm oil futures recovered on Monday, paring some losses in the previous session on bargain hunting. The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange was up 40 ringgit, or 1.09%, at 3,721 ringgit ($849.93) a metric ton at closing. The contract lost 1.79% last week, its fourth consecutive weekly drop.

“Palm oil futures are supported by bargain hunting after found support above 3,663 ringgit a ton but firm ringgit may limit upside,” a Kuala Lumpur-based trader said. Malaysian ringgit, the contract currency of trade, strengthened 1.09% against the US dollar on Monday, its highest closing since mid-February 2023.

A stronger ringgit made the contract less attractive for foreign currency holders. Dalian’s most-active soyoil contract lost 0.11%, while its palm oil contract gained 0.66%. Soyoil prices on the Chicago Board of Trade were down 0.33%.

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market. Indonesia has revised its rules on its palm oil domestic market obligation (DMO) scheme, raising the price cap in a bid to improve supplies of cheap cooking oil, while lowering domestic distribution target to 250,000 tons monthly.

Comments

Comments are closed.