AIRLINK 165.36 Decreased By ▼ -10.19 (-5.8%)
BOP 10.39 Decreased By ▼ -0.62 (-5.63%)
CNERGY 7.83 Decreased By ▼ -0.46 (-5.55%)
FCCL 45.65 Decreased By ▼ -1.58 (-3.35%)
FFL 15.12 Decreased By ▼ -0.90 (-5.62%)
FLYNG 26.48 Decreased By ▼ -0.83 (-3.04%)
HUBC 135.28 Decreased By ▼ -7.04 (-4.95%)
HUMNL 12.85 Decreased By ▼ -0.45 (-3.38%)
KEL 4.19 Decreased By ▼ -0.25 (-5.63%)
KOSM 5.47 Decreased By ▼ -0.43 (-7.29%)
MLCF 59.43 Decreased By ▼ -2.37 (-3.83%)
OGDC 213.07 Decreased By ▼ -13.70 (-6.04%)
PACE 5.41 Decreased By ▼ -0.36 (-6.24%)
PAEL 42.01 Decreased By ▼ -2.79 (-6.23%)
PIAHCLA 17.05 Decreased By ▼ -0.83 (-4.64%)
PIBTL 9.93 Decreased By ▼ -0.54 (-5.16%)
POWER 11.79 Decreased By ▼ -0.23 (-1.91%)
PPL 174.79 Decreased By ▼ -11.13 (-5.99%)
PRL 34.36 Decreased By ▼ -2.80 (-7.53%)
PTC 22.70 Decreased By ▼ -1.35 (-5.61%)
SEARL 93.75 Decreased By ▼ -6.54 (-6.52%)
SILK 1.15 No Change ▼ 0.00 (0%)
SSGC 36.11 Decreased By ▼ -2.40 (-6.23%)
SYM 13.48 Decreased By ▼ -1.27 (-8.61%)
TELE 7.12 Decreased By ▼ -0.61 (-7.89%)
TPLP 10.21 Decreased By ▼ -0.82 (-7.43%)
TRG 60.93 Decreased By ▼ -5.07 (-7.68%)
WAVESAPP 10.28 Decreased By ▼ -0.69 (-6.29%)
WTL 1.28 Decreased By ▼ -0.07 (-5.19%)
YOUW 3.70 Decreased By ▼ -0.08 (-2.12%)
BR100 12,314 Decreased By -512.5 (-4%)
BR30 36,508 Decreased By -2353.5 (-6.06%)
KSE100 114,909 Decreased By -3882.2 (-3.27%)
KSE30 35,541 Decreased By -1237.5 (-3.36%)

SINGAPORE: Malaysian palm oil futures rose for a fifth consecutive day on Tuesday, sustaining its longest rally in six weeks, amid prospects of tightening supply and Indonesia’s plans to raise biodiesel blending rates.

The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange was up 0.71% to 3,952 ringgit ($908.92) a metric ton by the midday break.

Prices were supported by the Indonesian Palm Oil Association’s estimates that Indonesia’s 2024 palm oil output would fall to 52-53 million tons from 54.84 million tons a year ago, said Anilkumar Bagani, research head of Mumbai-based vegetable oils broker Sunvin Group, citing a Bloomberg report.

Indonesia’s president-elect Prabowo Subianto hopes to implement mandatory 50% palm oil-based biodiesel blending by early next year, which he said would cut fuel imports by $20 billion per year.

The country’s trade ministry is mulling a plan to adjust its palm oil export tax to make it more competitive amid weak global demand, Bisnis.com reported on Monday, citing Isy Karim, a senior official at the ministry.

Palm oil climbs to one-month high on Indonesia’s tax, biodiesel plans

Dalian’s most-active soyoil contract added 1.87%, while its palm oil contract climbed 1.56%.

Soyoil prices on the Chicago Board of Trade edged 0.42% lower.

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

The Malaysian ringgit, palm’s currency of trade, depreciated 0.14% against the dollar. A weaker ringgit makes palm oil more attractive for foreign currency holders.

Palm oil may retest resistance of 3,985 ringgit, a break above which could confirm a target range of 4,003 ringgit to 4,032 ringgit, said Reuters technical analyst Wang Tao.

Comments

Comments are closed.