AGL 41.56 Increased By ▲ 0.06 (0.14%)
AIRLINK 127.32 Decreased By ▼ -0.68 (-0.53%)
BOP 6.62 Increased By ▲ 0.36 (5.75%)
CNERGY 4.16 Increased By ▲ 0.03 (0.73%)
DCL 8.55 Increased By ▲ 0.11 (1.3%)
DFML 40.89 Increased By ▲ 0.20 (0.49%)
DGKC 87.10 Decreased By ▼ -0.80 (-0.91%)
FCCL 33.80 Decreased By ▼ -0.30 (-0.88%)
FFBL 65.98 Decreased By ▼ -0.35 (-0.53%)
FFL 10.52 Decreased By ▼ -0.04 (-0.38%)
HUBC 109.36 Increased By ▲ 0.66 (0.61%)
HUMNL 14.90 Increased By ▲ 0.44 (3.04%)
KEL 4.86 Increased By ▲ 0.21 (4.52%)
KOSM 7.64 Increased By ▲ 0.31 (4.23%)
MLCF 42.45 Decreased By ▼ -0.27 (-0.63%)
NBP 61.24 Increased By ▲ 0.40 (0.66%)
OGDC 182.88 Increased By ▲ 3.91 (2.18%)
PAEL 25.00 Decreased By ▼ -0.70 (-2.72%)
PIBTL 6.24 Increased By ▲ 0.18 (2.97%)
PPL 148.11 Increased By ▲ 1.96 (1.34%)
PRL 24.81 Decreased By ▼ -0.10 (-0.4%)
PTC 16.20 Increased By ▲ 0.06 (0.37%)
SEARL 69.70 Decreased By ▼ -0.50 (-0.71%)
TELE 7.35 Increased By ▲ 0.13 (1.8%)
TOMCL 36.45 Increased By ▲ 0.25 (0.69%)
TPLP 7.85 Increased By ▲ 0.01 (0.13%)
TREET 15.40 Decreased By ▼ -0.19 (-1.22%)
TRG 52.35 Increased By ▲ 1.99 (3.95%)
UNITY 26.90 No Change ▼ 0.00 (0%)
WTL 1.25 Increased By ▲ 0.01 (0.81%)
BR100 9,845 Increased By 50.4 (0.51%)
BR30 29,984 Increased By 337.5 (1.14%)
KSE100 92,429 Increased By 407.8 (0.44%)
KSE30 28,776 Increased By 111.1 (0.39%)

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