AIRLINK 88.73 Increased By ▲ 1.18 (1.35%)
BOP 5.07 Increased By ▲ 0.23 (4.75%)
CNERGY 3.87 Increased By ▲ 0.11 (2.93%)
DFML 43.15 Increased By ▲ 2.62 (6.46%)
DGKC 90.48 Increased By ▲ 0.71 (0.79%)
FCCL 22.68 Decreased By ▼ -0.07 (-0.31%)
FFBL 38.15 Increased By ▲ 1.62 (4.43%)
FFL 9.20 Increased By ▲ 0.18 (2%)
GGL 9.58 Increased By ▲ 0.12 (1.27%)
HASCOL 6.03 Decreased By ▼ -0.07 (-1.15%)
HBL 126.00 Increased By ▲ 1.05 (0.84%)
HUBC 164.00 Increased By ▲ 0.25 (0.15%)
HUMNL 10.62 Increased By ▲ 0.36 (3.51%)
KEL 4.71 Increased By ▲ 0.16 (3.52%)
KOSM 4.25 Increased By ▲ 0.14 (3.41%)
MLCF 37.80 Decreased By ▼ -0.20 (-0.53%)
OGDC 136.00 Increased By ▲ 0.24 (0.18%)
PAEL 25.00 Decreased By ▼ -0.07 (-0.28%)
PIBTL 6.20 Increased By ▲ 0.11 (1.81%)
PPL 123.77 Increased By ▲ 2.87 (2.37%)
PRL 23.21 Decreased By ▼ -0.09 (-0.39%)
PTC 12.63 Increased By ▲ 0.01 (0.08%)
SEARL 58.68 Increased By ▲ 0.58 (1%)
SNGP 66.10 Increased By ▲ 1.82 (2.83%)
SSGC 9.82 Increased By ▲ 0.07 (0.72%)
TELE 7.60 Increased By ▲ 0.17 (2.29%)
TPLP 8.85 Decreased By ▼ -0.02 (-0.23%)
TRG 62.30 Increased By ▲ 0.55 (0.89%)
UNITY 31.29 Increased By ▲ 0.03 (0.1%)
WTL 1.28 Increased By ▲ 0.03 (2.4%)
BR100 8,429 Increased By 101 (1.21%)
BR30 26,963 Increased By 257.7 (0.97%)
KSE100 79,553 Increased By 728.6 (0.92%)
KSE30 25,584 Increased By 214.3 (0.84%)

BEIJING: Malaysian palm oil futures ended higher for a third session on Friday, snapping a three-week decline, on concerns over poor production and tracking higher rival edible oils.

The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange gained 26 ringgit, or 0.67%, to 3,916 ringgit ($830.54) a metric ton.

For the week, it rose 0.4%.

Market participants are concerned about output in Malaysia, the world’s second largest producer, after industry forecasts pegged production to decline in June.

Additional support came from the bullish energy prices and reports of top producer Indonesia targeting to implement its B40 palm oil biodiesel programme by 2025, said Anilkumar Bagani, research head of Mumbai-based vegetable oils broker Sunvin Group.

India’s annual monsoon has covered more than three-fourths of the country and it is set to cover the entire country on time for the planting season despite stalling earlier this month, two senior weather officials said on Thursday.

Palm oil ends higher for second day on lower output concerns

Good rainfall in India, the world’s largest edible oil importer, can boost production of summer-sown oilseeds such as soybeans and groundnut, limiting the requirement for palm oil imports in the new marketing year starting from Nov. 1.

Dalian’s most-active soyoil contract rose 0.5, while its palm oil contract gained 0.7%. Soyoil prices on the Chicago Board of Trade were up 0.2%.

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

Oil prices rose and were on course for a third straight weekly jump, buoyed by growing expectations that the U.S. Federal Reserve will soon start cutting interest rates and U.S. inflation data due later in the day.

Higher crude oil futures make palm a more attractive option for biodiesel feedstock.

Comments

200 characters