AIRLINK 205.97 Increased By ▲ 5.68 (2.84%)
BOP 10.22 Decreased By ▼ -0.27 (-2.57%)
CNERGY 7.04 Decreased By ▼ -0.17 (-2.36%)
FCCL 34.64 Decreased By ▼ -0.30 (-0.86%)
FFL 17.09 Decreased By ▼ -0.33 (-1.89%)
FLYNG 24.90 Increased By ▲ 0.05 (0.2%)
HUBC 130.85 Increased By ▲ 3.04 (2.38%)
HUMNL 14.00 Increased By ▲ 0.19 (1.38%)
KEL 4.92 Decreased By ▼ -0.08 (-1.6%)
KOSM 6.77 Decreased By ▼ -0.26 (-3.7%)
MLCF 44.15 Decreased By ▼ -0.47 (-1.05%)
OGDC 221.20 Decreased By ▼ -0.95 (-0.43%)
PACE 7.23 Decreased By ▼ -0.19 (-2.56%)
PAEL 42.73 Decreased By ▼ -0.07 (-0.16%)
PIAHCLA 17.15 Decreased By ▼ -0.24 (-1.38%)
PIBTL 8.41 Decreased By ▼ -0.10 (-1.18%)
POWER 9.09 Decreased By ▼ -0.06 (-0.66%)
PPL 190.45 Decreased By ▼ -2.28 (-1.18%)
PRL 43.30 Increased By ▲ 1.80 (4.34%)
PTC 24.70 Increased By ▲ 0.26 (1.06%)
SEARL 102.40 Increased By ▲ 1.13 (1.12%)
SILK 1.02 Decreased By ▼ -0.03 (-2.86%)
SSGC 42.63 Decreased By ▼ -1.24 (-2.83%)
SYM 18.32 Decreased By ▼ -0.44 (-2.35%)
TELE 9.28 Decreased By ▼ -0.26 (-2.73%)
TPLP 13.13 Increased By ▲ 0.05 (0.38%)
TRG 68.90 Increased By ▲ 2.71 (4.09%)
WAVESAPP 10.37 Decreased By ▼ -0.16 (-1.52%)
WTL 1.79 Increased By ▲ 0.01 (0.56%)
YOUW 4.00 Decreased By ▼ -0.04 (-0.99%)
BR100 12,039 Decreased By -0.8 (-0.01%)
BR30 36,782 Increased By 93.8 (0.26%)
KSE100 114,350 Decreased By -454.4 (-0.4%)
KSE30 35,927 Decreased By -175.2 (-0.49%)

SINGAPORE: Malaysian palm oil futures fell to a one-week trough on Wednesday, dragged down by softer rival oils and increased output from South Peninsular palm oil mills.

The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange slipped 35 ringgit, or 0.91%, to 3,831 ringgit ($823.16) per metric ton, extending losses for a second session.

Malaysia maintained its export tax for crude palm oil for September at 8% and increased its reference price, according to a Malaysian Palm Oil Board circular.

Production at Southern Peninsular Palm Oil Millers’ Association mills rose better than anticipated during Aug. 1-20, up 7% from a month earlier.

Dalian’s most-active soyoil contract dipped 0.1%, while its palm oil contract was down 0.7%. Soyoil prices on the Chicago Board of Trade lost 0.6%.

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

Palm rebounds nearly 2% on stronger rival oils, rising exports

ProFarmer’s annual Midwest Crop Tour report released Monday evening indicated soybean crop growth was higher than the three-year average, with limited impact from current drought conditions, said Sandeep Singh, director of The Farm Trade, a Kuala Lumpur-based consulting and trading firm.

Expectations of higher supply pushed the prices of competing vegetable oils downward in early trade, but changing weather will keep the markets whipsaw in the current range, Singh added.

The Malaysian ringgit, palm’s currency of trade, softened 0.17% to 4.65 against the dollar. A weaker ringgit makes palm oil more attractive for foreign currency holders.

Palm oil may test a support of 3,778 ringgit per metric ton, a break below which could open the way towards 3,676 ringgit, said Reuters technical analyst Wang Tao.

Comments

Comments are closed.