AGL 40.00 Decreased By ▼ -0.16 (-0.4%)
AIRLINK 129.53 Decreased By ▼ -2.20 (-1.67%)
BOP 6.68 Decreased By ▼ -0.01 (-0.15%)
CNERGY 4.63 Increased By ▲ 0.16 (3.58%)
DCL 8.94 Increased By ▲ 0.12 (1.36%)
DFML 41.69 Increased By ▲ 1.08 (2.66%)
DGKC 83.77 Decreased By ▼ -0.31 (-0.37%)
FCCL 32.77 Increased By ▲ 0.43 (1.33%)
FFBL 75.47 Increased By ▲ 6.86 (10%)
FFL 11.47 Increased By ▲ 0.12 (1.06%)
HUBC 110.55 Decreased By ▼ -1.21 (-1.08%)
HUMNL 14.56 Increased By ▲ 0.25 (1.75%)
KEL 5.39 Increased By ▲ 0.17 (3.26%)
KOSM 8.40 Decreased By ▼ -0.58 (-6.46%)
MLCF 39.79 Increased By ▲ 0.36 (0.91%)
NBP 60.29 No Change ▼ 0.00 (0%)
OGDC 199.66 Increased By ▲ 4.72 (2.42%)
PAEL 26.65 Decreased By ▼ -0.04 (-0.15%)
PIBTL 7.66 Increased By ▲ 0.18 (2.41%)
PPL 157.92 Increased By ▲ 2.15 (1.38%)
PRL 26.73 Increased By ▲ 0.05 (0.19%)
PTC 18.46 Increased By ▲ 0.16 (0.87%)
SEARL 82.44 Decreased By ▼ -0.58 (-0.7%)
TELE 8.31 Increased By ▲ 0.08 (0.97%)
TOMCL 34.51 Decreased By ▼ -0.04 (-0.12%)
TPLP 9.06 Increased By ▲ 0.25 (2.84%)
TREET 17.47 Increased By ▲ 0.77 (4.61%)
TRG 61.32 Decreased By ▼ -1.13 (-1.81%)
UNITY 27.43 Decreased By ▼ -0.01 (-0.04%)
WTL 1.38 Increased By ▲ 0.10 (7.81%)
BR100 10,407 Increased By 220 (2.16%)
BR30 31,713 Increased By 377.1 (1.2%)
KSE100 97,328 Increased By 1781.9 (1.86%)
KSE30 30,192 Increased By 614.4 (2.08%)

KUALA LUMPUR: Malaysian palm oil futures slumped on Thursday, easing from a record closing high in the previous week, as traders booked profits while slower April exports also weighed.

The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange fell 348 ringgit, or 4.9%, to 6,756 ringgit ($1,554.18) a tonne by the midday break.

Palm fell on profit-taking and investors factored in price movements in soybean oil after an extended break, said Sathia Varqa, co-founder of Singapore-based Palm Oil Analytics.

“Weaker April exports and expectations of higher output pushing stocks higher will also weigh on the futures contract,” Varqa added.

Exports of Malaysian palm oil products for April fell between 13.9% and 16% from March, cargo surveyors said on Saturday.

The contract soared 11.8% last week to close at a record high after top producer Indonesia imposed a temporary export ban on crude and refined palm oil, deepening concerns about global edible oil supply already affected by the conflict in Ukraine.

Indonesia’s export ban does not raise concern for the supply to the European Union market as the bloc has reserves for several weeks, EU vegetable oil group FEDIOL said on Tuesday.

Further pressuring prices, the ringgit, palm’s currency of trade, rose 0.11% against the dollar after the US Federal Reserve raised its benchmark overnight interest rate by half a percentage point.

A stronger ringgit makes palm oil more expensive for holders of foreign currencies.

Dalian’s most-active soyoil contract fell 2%, while its palm oil contract eased 2.4%. Soyoil prices on the Chicago Board of Trade fell 0.04%.

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

Comments

Comments are closed.