AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 129.06 Decreased By ▼ -0.47 (-0.36%)
BOP 6.75 Increased By ▲ 0.07 (1.05%)
CNERGY 4.49 Decreased By ▼ -0.14 (-3.02%)
DCL 8.55 Decreased By ▼ -0.39 (-4.36%)
DFML 40.82 Decreased By ▼ -0.87 (-2.09%)
DGKC 80.96 Decreased By ▼ -2.81 (-3.35%)
FCCL 32.77 No Change ▼ 0.00 (0%)
FFBL 74.43 Decreased By ▼ -1.04 (-1.38%)
FFL 11.74 Increased By ▲ 0.27 (2.35%)
HUBC 109.58 Decreased By ▼ -0.97 (-0.88%)
HUMNL 13.75 Decreased By ▼ -0.81 (-5.56%)
KEL 5.31 Decreased By ▼ -0.08 (-1.48%)
KOSM 7.72 Decreased By ▼ -0.68 (-8.1%)
MLCF 38.60 Decreased By ▼ -1.19 (-2.99%)
NBP 63.51 Increased By ▲ 3.22 (5.34%)
OGDC 194.69 Decreased By ▼ -4.97 (-2.49%)
PAEL 25.71 Decreased By ▼ -0.94 (-3.53%)
PIBTL 7.39 Decreased By ▼ -0.27 (-3.52%)
PPL 155.45 Decreased By ▼ -2.47 (-1.56%)
PRL 25.79 Decreased By ▼ -0.94 (-3.52%)
PTC 17.50 Decreased By ▼ -0.96 (-5.2%)
SEARL 78.65 Decreased By ▼ -3.79 (-4.6%)
TELE 7.86 Decreased By ▼ -0.45 (-5.42%)
TOMCL 33.73 Decreased By ▼ -0.78 (-2.26%)
TPLP 8.40 Decreased By ▼ -0.66 (-7.28%)
TREET 16.27 Decreased By ▼ -1.20 (-6.87%)
TRG 58.22 Decreased By ▼ -3.10 (-5.06%)
UNITY 27.49 Increased By ▲ 0.06 (0.22%)
WTL 1.39 Increased By ▲ 0.01 (0.72%)
BR100 10,445 Increased By 38.5 (0.37%)
BR30 31,189 Decreased By -523.9 (-1.65%)
KSE100 97,798 Increased By 469.8 (0.48%)
KSE30 30,481 Increased By 288.3 (0.95%)

JAKARTA: Malaysian palm oil futures closed higher on Friday tracking rival oils, although the ringgit’s persistent strength capped the upside momentum.

The contract fell 0.63% this week, a second consecutive weekly drop. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange gained 47 ringgit, or 1.21%, to 3,917 ringgit ($871.41) a metric ton on the closing.

“Signs of recovery in Dalian palm olein and Chicago’s soyoil have lifted the futures today. Nonetheless, the persistent strength of the ringgit has capped the upside momentum,” a Kuala Lumpur-based trader said. The ringgit, palm’s currency of trade, strengthened 1.58% against the US dollar, making the vegetable oil less attractive for foreign currency holders.

Dalian’s most-active soyoil contract rose 0.82% higher, while its palm oil contract gained 2.1%. Soyoil prices on the Chicago Board of Trade were up 0.99%.

Palm oil tracks price movements of rival edible oils, as they compete for a share in the global vegetable oils market. India’s palm and soybean oil imports surged to their highest levels in about a year in July, as refiners increased purchases following a price correction and in anticipation of a potential import duty hike, dealers said on Friday. Indonesia’s biodiesel consumption in the first half of 2024 reached 6.12 million kilolitres, data from the energy ministry showed on Friday.

Meanwhile, Indonesia’s plan to revise domestic market obligation (DMO) rules for palm oil will not affect the DMO export ratio. Export quotas are set at four times the volume of palm oil that companies supply locally. Extra allotments are given to companies that sell in smaller, household-friendly sizes.

Malaysian palm oil exports in July were seen rising between 22.8% and 30.91%, cargo surveyor Amspec Agri and Intertek Testing Services said. Cargo surveyor Societe Generale de Surveillance (SGS) estimated exports stood at 1.48 million tons, according to LSEG, a 23.6% jump from June.

Comments

Comments are closed.