AGL 37.84 Increased By ▲ 0.12 (0.32%)
AIRLINK 175.30 Increased By ▲ 6.65 (3.94%)
BOP 9.68 Increased By ▲ 0.59 (6.49%)
CNERGY 6.72 Decreased By ▼ -0.13 (-1.9%)
DCL 10.10 Increased By ▲ 0.05 (0.5%)
DFML 40.75 Increased By ▲ 0.11 (0.27%)
DGKC 94.80 Increased By ▲ 1.56 (1.67%)
FCCL 38.80 Increased By ▲ 0.88 (2.32%)
FFBL 80.97 Increased By ▲ 2.25 (2.86%)
FFL 13.78 Increased By ▲ 0.32 (2.38%)
HUBC 120.49 Increased By ▲ 6.39 (5.6%)
HUMNL 15.30 Increased By ▲ 0.35 (2.34%)
KEL 5.73 Decreased By ▼ -0.02 (-0.35%)
KOSM 8.35 Increased By ▲ 0.12 (1.46%)
MLCF 47.01 Increased By ▲ 1.52 (3.34%)
NBP 76.00 Increased By ▲ 1.08 (1.44%)
OGDC 195.79 Increased By ▲ 2.86 (1.48%)
PAEL 32.00 Decreased By ▼ -0.24 (-0.74%)
PIBTL 8.25 Decreased By ▼ -0.32 (-3.73%)
PPL 173.01 Increased By ▲ 5.63 (3.36%)
PRL 33.36 Increased By ▲ 2.35 (7.58%)
PTC 22.25 Increased By ▲ 0.17 (0.77%)
SEARL 102.30 Increased By ▲ 1.47 (1.46%)
TELE 8.60 Increased By ▲ 0.15 (1.78%)
TOMCL 35.08 Increased By ▲ 0.24 (0.69%)
TPLP 11.17 Decreased By ▼ -0.07 (-0.62%)
TREET 19.18 Increased By ▲ 0.55 (2.95%)
TRG 61.31 Increased By ▲ 0.57 (0.94%)
UNITY 33.80 Increased By ▲ 1.82 (5.69%)
WTL 1.63 Increased By ▲ 0.02 (1.24%)
BR100 11,484 Increased By 195.1 (1.73%)
BR30 35,050 Increased By 910.2 (2.67%)
KSE100 106,653 Increased By 1548.6 (1.47%)
KSE30 33,077 Increased By 522.5 (1.61%)

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