AGL 38.50 Increased By ▲ 0.35 (0.92%)
AIRLINK 128.26 Increased By ▲ 3.19 (2.55%)
BOP 7.13 Increased By ▲ 0.28 (4.09%)
CNERGY 4.54 Increased By ▲ 0.09 (2.02%)
DCL 8.25 Increased By ▲ 0.34 (4.3%)
DFML 38.24 Increased By ▲ 0.90 (2.41%)
DGKC 79.84 Increased By ▲ 2.07 (2.66%)
FCCL 32.10 Increased By ▲ 1.52 (4.97%)
FFBL 72.75 Increased By ▲ 3.89 (5.65%)
FFL 12.17 Increased By ▲ 0.31 (2.61%)
HUBC 109.65 Increased By ▲ 5.15 (4.93%)
HUMNL 13.84 Increased By ▲ 0.35 (2.59%)
KEL 4.87 Increased By ▲ 0.22 (4.73%)
KOSM 7.47 Increased By ▲ 0.30 (4.18%)
MLCF 37.51 Increased By ▲ 1.07 (2.94%)
NBP 70.00 Increased By ▲ 4.08 (6.19%)
OGDC 187.57 Increased By ▲ 8.04 (4.48%)
PAEL 25.00 Increased By ▲ 0.57 (2.33%)
PIBTL 7.24 Increased By ▲ 0.09 (1.26%)
PPL 151.00 Increased By ▲ 7.30 (5.08%)
PRL 24.90 Increased By ▲ 0.58 (2.38%)
PTC 17.12 Increased By ▲ 0.72 (4.39%)
SEARL 80.75 Increased By ▲ 2.18 (2.77%)
TELE 7.55 Increased By ▲ 0.33 (4.57%)
TOMCL 32.83 Increased By ▲ 0.86 (2.69%)
TPLP 8.50 Increased By ▲ 0.37 (4.55%)
TREET 16.63 Increased By ▲ 0.50 (3.1%)
TRG 56.16 Increased By ▲ 1.50 (2.74%)
UNITY 28.00 Increased By ▲ 0.50 (1.82%)
WTL 1.34 Increased By ▲ 0.05 (3.88%)
BR100 10,394 Increased By 304.4 (3.02%)
BR30 30,698 Increased By 1189.1 (4.03%)
KSE100 97,464 Increased By 2889.5 (3.06%)
KSE30 30,408 Increased By 962.8 (3.27%)

JAKARTA: Malaysian palm oil futures recovered on Monday, paring some losses in the previous session on bargain hunting. The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange was up 40 ringgit, or 1.09%, at 3,721 ringgit ($849.93) a metric ton at closing. The contract lost 1.79% last week, its fourth consecutive weekly drop.

“Palm oil futures are supported by bargain hunting after found support above 3,663 ringgit a ton but firm ringgit may limit upside,” a Kuala Lumpur-based trader said. Malaysian ringgit, the contract currency of trade, strengthened 1.09% against the US dollar on Monday, its highest closing since mid-February 2023.

A stronger ringgit made the contract less attractive for foreign currency holders. Dalian’s most-active soyoil contract lost 0.11%, while its palm oil contract gained 0.66%. Soyoil prices on the Chicago Board of Trade were down 0.33%.

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market. Indonesia has revised its rules on its palm oil domestic market obligation (DMO) scheme, raising the price cap in a bid to improve supplies of cheap cooking oil, while lowering domestic distribution target to 250,000 tons monthly.

Comments

Comments are closed.