AGL 39.18 Decreased By ▼ -0.32 (-0.81%)
AIRLINK 192.00 Increased By ▲ 15.37 (8.7%)
BOP 10.68 Increased By ▲ 0.59 (5.85%)
CNERGY 7.12 Increased By ▲ 0.25 (3.64%)
DCL 9.94 Increased By ▲ 0.01 (0.1%)
DFML 43.76 Increased By ▲ 1.02 (2.39%)
DGKC 97.89 Decreased By ▼ -0.28 (-0.29%)
FCCL 38.75 Decreased By ▼ -0.56 (-1.42%)
FFBL 81.71 Decreased By ▼ -0.15 (-0.18%)
FFL 14.35 Decreased By ▼ -0.04 (-0.28%)
HUBC 120.64 Decreased By ▼ -0.80 (-0.66%)
HUMNL 15.15 Decreased By ▼ -0.19 (-1.24%)
KEL 5.76 Increased By ▲ 0.10 (1.77%)
KOSM 8.20 Increased By ▲ 0.08 (0.99%)
MLCF 47.52 Decreased By ▼ -0.59 (-1.23%)
NBP 76.00 Increased By ▲ 0.18 (0.24%)
OGDC 195.86 Decreased By ▼ -1.55 (-0.79%)
PAEL 33.50 Increased By ▲ 1.12 (3.46%)
PIBTL 8.23 Increased By ▲ 0.08 (0.98%)
PPL 175.50 No Change ▼ 0.00 (0%)
PRL 33.30 Decreased By ▼ -0.79 (-2.32%)
PTC 23.75 Increased By ▲ 1.41 (6.31%)
SEARL 103.20 No Change ▼ 0.00 (0%)
TELE 8.95 Increased By ▲ 0.44 (5.17%)
TOMCL 35.20 Increased By ▲ 0.17 (0.49%)
TPLP 11.27 Increased By ▲ 0.01 (0.09%)
TREET 19.02 Decreased By ▼ -0.13 (-0.68%)
TRG 58.35 Decreased By ▼ -0.21 (-0.36%)
UNITY 34.15 Decreased By ▼ -0.71 (-2.04%)
WTL 1.59 No Change ▼ 0.00 (0%)
BR100 11,727 Increased By 75.9 (0.65%)
BR30 35,463 Decreased By -14.7 (-0.04%)
KSE100 109,361 Increased By 1122.1 (1.04%)
KSE30 34,038 Increased By 344.3 (1.02%)

JAKARTA: Malaysian palm oil futures fell on Wednesday, dragged down by weakness in rival vegetable oils while a stronger ringgit added pressure to the contract.

The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange lost 38 ringgit, or 0.75%, to 5,037 ringgit ($1,148.17) a metric ton at closing.

The contract is pulled down by the easing of soyoil prices in the Dalian Commodity Exchange and the Chicago Board of Trade, a Kuala Lumpur-based trader said.

Dalian’s palm oil contract climbed 0.72%, while its most-active soyoil contract slipped 0.25%. Soyoil was down 1.23% at the Chicago Board of Trade.

Malaysian ringgit, the contract’s currency of trade, strengthened 0.38% against the U.S. dollar, weighing down palm oil futures.

A stronger ringgit makes palm oil less attractive for foreign currency holders.

Palm oil rises tracking rival oils

India’s edible oil imports in November jumped to their highest levels in four months as refiners raised purchases of palm oil, soyoil and sunflower oil to replenish inventories after robust demand during the festival season, five dealers said.

Malaysian palm oil exports in November are seen falling between 9.3% and 10.4%, according to cargo surveyor Intertek Testing Services and independent inspection company AmSpec Agri Malaysia.

Indonesia raised its crude palm oil (CPO) reference price for December to $1,071.67 a metric ton from $961.97 in November, placing the export tax higher at $178 per ton.

Comments

200 characters