AIRLINK 186.81 Decreased By ▼ -2.55 (-1.35%)
BOP 12.17 Increased By ▲ 1.07 (9.64%)
CNERGY 7.11 Decreased By ▼ -0.17 (-2.34%)
FCCL 37.08 Increased By ▲ 0.43 (1.17%)
FFL 14.69 Decreased By ▼ -0.26 (-1.74%)
FLYNG 25.59 Decreased By ▼ -0.60 (-2.29%)
HUBC 131.73 Increased By ▲ 0.84 (0.64%)
HUMNL 13.25 Decreased By ▼ -0.22 (-1.63%)
KEL 4.21 Decreased By ▼ -0.07 (-1.64%)
KOSM 5.97 Decreased By ▼ -0.11 (-1.81%)
MLCF 45.65 Decreased By ▼ -0.29 (-0.63%)
OGDC 199.44 Decreased By ▼ -2.42 (-1.2%)
PACE 6.04 Decreased By ▼ -0.08 (-1.31%)
PAEL 37.59 Decreased By ▼ -0.77 (-2.01%)
PIAHCLA 17.02 Increased By ▲ 0.29 (1.73%)
PIBTL 7.76 Decreased By ▼ -0.18 (-2.27%)
POWER 10.76 Increased By ▲ 0.90 (9.13%)
PPL 170.54 Decreased By ▼ -2.92 (-1.68%)
PRL 32.91 Decreased By ▼ -1.82 (-5.24%)
PTC 23.31 Decreased By ▼ -0.64 (-2.67%)
SEARL 95.62 Decreased By ▼ -6.12 (-6.02%)
SILK 1.07 No Change ▼ 0.00 (0%)
SSGC 30.22 Decreased By ▼ -2.48 (-7.58%)
SYM 17.48 Decreased By ▼ -0.45 (-2.51%)
TELE 8.02 Decreased By ▼ -0.12 (-1.47%)
TPLP 11.73 Decreased By ▼ -0.29 (-2.41%)
TRG 62.26 Decreased By ▼ -5.14 (-7.63%)
WAVESAPP 11.79 Decreased By ▼ -0.01 (-0.08%)
WTL 1.47 Decreased By ▼ -0.05 (-3.29%)
YOUW 3.87 Decreased By ▼ -0.03 (-0.77%)
AIRLINK 186.81 Decreased By ▼ -2.55 (-1.35%)
BOP 12.17 Increased By ▲ 1.07 (9.64%)
CNERGY 7.11 Decreased By ▼ -0.17 (-2.34%)
FCCL 37.08 Increased By ▲ 0.43 (1.17%)
FFL 14.69 Decreased By ▼ -0.26 (-1.74%)
FLYNG 25.59 Decreased By ▼ -0.60 (-2.29%)
HUBC 131.73 Increased By ▲ 0.84 (0.64%)
HUMNL 13.25 Decreased By ▼ -0.22 (-1.63%)
KEL 4.21 Decreased By ▼ -0.07 (-1.64%)
KOSM 5.97 Decreased By ▼ -0.11 (-1.81%)
MLCF 45.65 Decreased By ▼ -0.29 (-0.63%)
OGDC 199.44 Decreased By ▼ -2.42 (-1.2%)
PACE 6.04 Decreased By ▼ -0.08 (-1.31%)
PAEL 37.59 Decreased By ▼ -0.77 (-2.01%)
PIAHCLA 17.02 Increased By ▲ 0.29 (1.73%)
PIBTL 7.76 Decreased By ▼ -0.18 (-2.27%)
POWER 10.76 Increased By ▲ 0.90 (9.13%)
PPL 170.54 Decreased By ▼ -2.92 (-1.68%)
PRL 32.91 Decreased By ▼ -1.82 (-5.24%)
PTC 23.31 Decreased By ▼ -0.64 (-2.67%)
SEARL 95.62 Decreased By ▼ -6.12 (-6.02%)
SILK 1.07 No Change ▼ 0.00 (0%)
SSGC 30.22 Decreased By ▼ -2.48 (-7.58%)
SYM 17.48 Decreased By ▼ -0.45 (-2.51%)
TELE 8.02 Decreased By ▼ -0.12 (-1.47%)
TPLP 11.73 Decreased By ▼ -0.29 (-2.41%)
TRG 62.26 Decreased By ▼ -5.14 (-7.63%)
WAVESAPP 11.79 Decreased By ▼ -0.01 (-0.08%)
WTL 1.47 Decreased By ▼ -0.05 (-3.29%)
YOUW 3.87 Decreased By ▼ -0.03 (-0.77%)
BR100 11,764 Decreased By -55.8 (-0.47%)
BR30 34,550 Decreased By -449.6 (-1.28%)
KSE100 111,744 Decreased By -341.8 (-0.3%)
KSE30 34,807 Decreased By -139.3 (-0.4%)
Markets

Palm oil gains on overnight Chicago soy strength

  • Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
Published February 4, 2021

SINGAPORE: Malaysian palm oil futures snapped two sessions of losses to trade 0.3% higher on Thursday, tracking overnight gains in Chicago soyoil, which rose ahead of data that could show a continued tightening of global stocks.

The benchmark palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange rose 10 ringgit to 3,237 ringgit ($799.85) a tonne during early trade.

Palm fell 4.9% in the previous session.

CBOT soybeans rose on Wednesday as traders awaited a monthly supply and demand report from the US Agriculture Department, although soyoil prices on the Chicago Board of Trade last traded 0.1% lower as of 0312 GMT.

"Recovery in soy oil futures on CBOT overnight has triggered a gap higher opening in palm futures," Anilkumar Bagani, research head of Mumbai-based vegetable oil broker Sunvin Group told Reuters.

"But sustainability of the gains are still questioned due to poor demand," he added.

Elsewhere, Dalian's most-active soyoil contract fell 0.2%, while its palm oil contract slipped 0.8%.

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

Also supporting prices was a correction in an oversold market.

"Yesterday's sell-down is considered overdone... hence there is some covering here and there," a Kuala Lumpur-based trader said.

Palm oil may stabilise around a support at 3,208 ringgit per tonne and bounce towards 3,322 ringgit.

Comments

Comments are closed.