AGL 40.15 Decreased By ▼ -0.06 (-0.15%)
AIRLINK 127.10 Decreased By ▼ -0.54 (-0.42%)
BOP 6.69 Increased By ▲ 0.02 (0.3%)
CNERGY 4.53 Increased By ▲ 0.08 (1.8%)
DCL 8.65 Decreased By ▼ -0.08 (-0.92%)
DFML 41.01 Decreased By ▼ -0.15 (-0.36%)
DGKC 85.50 Decreased By ▼ -0.61 (-0.71%)
FCCL 33.05 Increased By ▲ 0.49 (1.5%)
FFBL 66.40 Increased By ▲ 2.02 (3.14%)
FFL 11.58 Decreased By ▼ -0.03 (-0.26%)
HUBC 111.25 Decreased By ▼ -1.21 (-1.08%)
HUMNL 14.90 Increased By ▲ 0.09 (0.61%)
KEL 5.19 Increased By ▲ 0.15 (2.98%)
KOSM 7.63 Increased By ▲ 0.27 (3.67%)
MLCF 40.25 Decreased By ▼ -0.08 (-0.2%)
NBP 60.70 Decreased By ▼ -0.38 (-0.62%)
OGDC 194.25 Increased By ▲ 0.07 (0.04%)
PAEL 26.75 Decreased By ▼ -0.16 (-0.59%)
PIBTL 7.38 Increased By ▲ 0.10 (1.37%)
PPL 153.60 Increased By ▲ 0.92 (0.6%)
PRL 26.20 Decreased By ▼ -0.02 (-0.08%)
PTC 17.20 Increased By ▲ 1.06 (6.57%)
SEARL 85.70 No Change ▼ 0.00 (0%)
TELE 7.63 Decreased By ▼ -0.04 (-0.52%)
TOMCL 34.20 Decreased By ▼ -2.27 (-6.22%)
TPLP 8.75 Decreased By ▼ -0.04 (-0.46%)
TREET 16.87 Increased By ▲ 0.03 (0.18%)
TRG 62.50 Decreased By ▼ -0.24 (-0.38%)
UNITY 27.38 Decreased By ▼ -0.82 (-2.91%)
WTL 1.30 Decreased By ▼ -0.04 (-2.99%)
BR100 10,127 Increased By 41.8 (0.41%)
BR30 31,215 Increased By 44.4 (0.14%)
KSE100 95,071 Increased By 307.7 (0.32%)
KSE30 29,500 Increased By 90.3 (0.31%)

Malaysian crude palm oil futures ended 0.7 percent higher on Wednesday as investors piled back into the market, heartened by crude markets that rose on a crude oil cartel's decision to keep output levels unchanged.
But gains were limited as some financial players hung back, spooked by a gloomy outlook for palm supplies and exports, traders said. The palm oil market, which track crude oil prices because of its increasing use as feedstock for biofuel, is now 5.1 percent off a record high of 3,068-ringgit set last week.
The benchmark February contract on the Bursa Malaysia Derivatives Exchange settled up 21 ringgit at 2,910 ringgit ($871). "Palm oil is a direct beneficiary of Opec's decision and it's set to become stronger but more and more players are taking notice of the local fundamentals of rising supplies and weaker demand," said a dealer with a commodity trading firm. "There will be a rise but it will remain muted by the end of the year." Other traded months rose between 5 and 18 ringgit.
Overall trade stood at 12,863 lots of 25 tonnes each. Oil rose on Wednesday after Opec decided to keep output levels unchanged, rebuffing consumer country calls for more crude to rein in prices now near $90 a barrel.
The Organisation of Petroleum Exporting Countries also agreed to meet again at the end of January to review its decision ahead of a regular March gathering, Nigerian Oil Minister Odein Ajumogobia told Reuters.
Palm oil, used in products ranging from instant noodles and mascara to biodiesel, is up nearly 46 percent this year. Malaysian market players have started to focus on bearish demand-supply fundamentals after getting direction solely from the crude oil markets in the recent weeks, traders said.
Exports have already started to weaken, with cargo surveyors Intertek Testing Services and Societe Generale de Surveillance reporting marginal declines for palm oil demand in November.
Investors expect palm oil stockpiles in the Southeast Asian country to rise 8 percent in November as strong growth in production outpaced a small increase in exports. In Malaysia's physical market, crude palm oil for December shipment in the southern region was quoted at 2,910/2,920 ringgit a tonne. Trades were done at 2,900 and 2,910 ringgit.

Copyright Reuters, 2007

Comments

Comments are closed.