AGL 40.99 Decreased By ▼ -0.51 (-1.23%)
AIRLINK 130.30 Increased By ▲ 2.30 (1.8%)
BOP 6.56 Increased By ▲ 0.30 (4.79%)
CNERGY 4.05 Decreased By ▼ -0.08 (-1.94%)
DCL 8.50 Increased By ▲ 0.06 (0.71%)
DFML 41.46 Increased By ▲ 0.77 (1.89%)
DGKC 86.80 Decreased By ▼ -1.10 (-1.25%)
FCCL 33.40 Decreased By ▼ -0.70 (-2.05%)
FFBL 65.95 Decreased By ▼ -0.38 (-0.57%)
FFL 10.42 Decreased By ▼ -0.14 (-1.33%)
HUBC 110.15 Increased By ▲ 1.45 (1.33%)
HUMNL 15.29 Increased By ▲ 0.83 (5.74%)
KEL 4.85 Increased By ▲ 0.20 (4.3%)
KOSM 7.89 Increased By ▲ 0.56 (7.64%)
MLCF 42.05 Decreased By ▼ -0.67 (-1.57%)
NBP 61.00 Increased By ▲ 0.16 (0.26%)
OGDC 183.03 Increased By ▲ 4.06 (2.27%)
PAEL 25.30 Decreased By ▼ -0.40 (-1.56%)
PIBTL 6.20 Increased By ▲ 0.14 (2.31%)
PPL 147.25 Increased By ▲ 1.10 (0.75%)
PRL 24.55 Decreased By ▼ -0.36 (-1.45%)
PTC 16.20 Increased By ▲ 0.06 (0.37%)
SEARL 70.60 Increased By ▲ 0.40 (0.57%)
TELE 7.30 Increased By ▲ 0.08 (1.11%)
TOMCL 36.25 Increased By ▲ 0.05 (0.14%)
TPLP 7.90 Increased By ▲ 0.06 (0.77%)
TREET 15.40 Decreased By ▼ -0.19 (-1.22%)
TRG 51.88 Increased By ▲ 1.52 (3.02%)
UNITY 27.05 Increased By ▲ 0.15 (0.56%)
WTL 1.23 Decreased By ▼ -0.01 (-0.81%)
BR100 9,838 Increased By 43.3 (0.44%)
BR30 29,994 Increased By 347.1 (1.17%)
KSE100 92,578 Increased By 556.6 (0.6%)
KSE30 28,787 Increased By 121.8 (0.42%)

JAKARTA: Malaysian palm oil futures closed up on Wednesday, supported by gains in rival vegetable oils and a weaker ringgit, while investors look for cues from an industry conference in Indonesia starting later this week and Malaysian Palm Oil Board data due next week.

The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange gained 112 ringgit or 2.33%, to 4,918 ringgit ($1,117.73) a metric ton on the closing.

“The futures market is waiting for new leads from the Bali conference and MPOB official data next week,” said a Kuala Lumpur-based trader. The two-day Indonesian Palm Oil Conference in Bali starts on Thursday, while the MPOB data is scheduled to be out on Nov. 11.

Dalian’s most-active soyoil contract rose 0.51%, while its palm oil contract gained 0.48%. Soyoil prices on the Chicago Board of Trade were up 0.33%.

Palm oil tracks price movements of rival edible oils as it competes for a share in the global vegetable oils market. The ringgit, palm’s currency of trade, weakened 1.38% against the US dollar, making vegetable oil cheaper for buyers holding foreign currencies. India’s palm oil imports surged 59% in October to a three-month high compared to the previous month, as refiners boosted purchases to replenish stocks depleted by lower-than-usual imports in recent months and strong festive demand.

Malaysia’s palm oil inventories are forecast to fall in October, marking their first decline in three months, due to lower output and higher exports, a Reuters survey showed.

Comments

200 characters