AGL 35.20 Decreased By ▼ -0.50 (-1.4%)
AIRLINK 123.23 Decreased By ▼ -10.27 (-7.69%)
BOP 5.04 Increased By ▲ 0.07 (1.41%)
CNERGY 3.91 Decreased By ▼ -0.12 (-2.98%)
DCL 8.15 Decreased By ▼ -0.27 (-3.21%)
DFML 44.22 Decreased By ▼ -3.18 (-6.71%)
DGKC 74.35 Decreased By ▼ -0.65 (-0.87%)
FCCL 24.47 Increased By ▲ 0.22 (0.91%)
FFBL 48.20 Increased By ▲ 2.20 (4.78%)
FFL 8.78 Decreased By ▼ -0.15 (-1.68%)
HUBC 145.85 Decreased By ▼ -8.25 (-5.35%)
HUMNL 10.85 Decreased By ▼ -0.15 (-1.36%)
KEL 4.00 Decreased By ▼ -0.06 (-1.48%)
KOSM 8.00 Decreased By ▼ -0.88 (-9.91%)
MLCF 32.80 Increased By ▲ 0.05 (0.15%)
NBP 57.15 Decreased By ▼ -0.65 (-1.12%)
OGDC 145.35 Increased By ▲ 2.55 (1.79%)
PAEL 25.75 Decreased By ▼ -0.26 (-1%)
PIBTL 5.76 Decreased By ▼ -0.16 (-2.7%)
PPL 116.80 Increased By ▲ 2.20 (1.92%)
PRL 24.00 Decreased By ▼ -0.15 (-0.62%)
PTC 11.05 Decreased By ▼ -0.42 (-3.66%)
SEARL 58.41 Increased By ▲ 0.41 (0.71%)
TELE 7.49 Decreased By ▼ -0.22 (-2.85%)
TOMCL 41.10 Decreased By ▼ -0.04 (-0.1%)
TPLP 8.31 Decreased By ▼ -0.36 (-4.15%)
TREET 15.20 Increased By ▲ 0.12 (0.8%)
TRG 55.20 Decreased By ▼ -4.70 (-7.85%)
UNITY 27.85 Decreased By ▼ -0.15 (-0.54%)
WTL 1.34 Decreased By ▼ -0.01 (-0.74%)
BR100 8,528 Increased By 68.1 (0.8%)
BR30 26,868 Decreased By -400.5 (-1.47%)
KSE100 81,459 Increased By 998 (1.24%)
KSE30 25,800 Increased By 331.7 (1.3%)

KUALA LUMPUR: Malaysian palm oil futures rose on Wednesday after closing at a seven-month low in the previous session, buoyed by a weaker ringgit but losses in rival Dalian contracts capped the gains.

The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange gained 19 ringgit, or 0.51%, to 3,724 ringgit ($827.56) a metric ton by the midday break.

The contract declined to its lowest closing price since Jan. 8 on Tuesday. Malaysian palm oil futures recovered with a double-digit upside after seeing some weakness in the ringgit currency, a Kuala Lumpur-based trader said.

The ringgit, palm’s currency of trade, weakened 0.67% against the dollar, making the commodity less expensive for buyers holding foreign currencies.

Dalian’s most-active soyoil contract fell 1.34%, while its palm oil contract lost 1.58%.

Soyoil prices on the Chicago Board of Trade ticked up 0.03%.

Palm oil tracks the price movements of rival edible oils, as they compete for a share of the global vegetable oils market.

Brent crude futures gained 0.42% to $76.80 a barrel by 0513 GMT.

Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.

Palm oil inventories in Malaysia are expected to drop in July for the first time after rising for three consecutive months, a Reuters survey showed.

Malaysian palm oil futures easier

Industry regulator the Malaysian Palm Oil Board is scheduled to release its monthly palm oil data on Aug. 12.

Palm oil is expected to bounce towards 3,784 ringgit per metric ton, as it has found support in the zone of 3,671 ringgit to 3,704 ringgit, Reuters technical analyst Wang Tao said.

Comments

200 characters