AGL 40.00 Decreased By ▼ -0.01 (-0.02%)
AIRLINK 178.07 Decreased By ▼ -19.78 (-10%)
BOP 9.70 Decreased By ▼ -0.67 (-6.46%)
CNERGY 6.87 Decreased By ▼ -0.26 (-3.65%)
DCL 9.96 Decreased By ▼ -0.65 (-6.13%)
DFML 40.60 Decreased By ▼ -3.22 (-7.35%)
DGKC 102.80 Decreased By ▼ -2.87 (-2.72%)
FCCL 38.45 Decreased By ▼ -1.15 (-2.9%)
FFBL 81.46 Increased By ▲ 1.21 (1.51%)
FFL 13.27 Decreased By ▼ -0.87 (-6.15%)
HUBC 117.00 Decreased By ▼ -3.56 (-2.95%)
HUMNL 14.05 Decreased By ▼ -0.62 (-4.23%)
KEL 5.80 Decreased By ▼ -0.36 (-5.84%)
KOSM 7.98 Decreased By ▼ -0.28 (-3.39%)
MLCF 46.75 Decreased By ▼ -2.86 (-5.76%)
NBP 72.00 Decreased By ▼ -2.48 (-3.33%)
OGDC 191.45 Decreased By ▼ -5.62 (-2.85%)
PAEL 31.99 Decreased By ▼ -3.11 (-8.86%)
PIBTL 7.92 Decreased By ▼ -0.60 (-7.04%)
PPL 173.00 Decreased By ▼ -3.26 (-1.85%)
PRL 32.30 Decreased By ▼ -0.96 (-2.89%)
PTC 24.25 Decreased By ▼ -1.34 (-5.24%)
SEARL 118.00 Decreased By ▼ -3.04 (-2.51%)
TELE 9.25 Decreased By ▼ -0.65 (-6.57%)
TOMCL 35.15 Decreased By ▼ -0.08 (-0.23%)
TPLP 11.56 Decreased By ▼ -1.18 (-9.26%)
TREET 18.29 Decreased By ▼ -0.68 (-3.58%)
TRG 59.95 Decreased By ▼ -0.33 (-0.55%)
UNITY 37.75 Decreased By ▼ -1.27 (-3.25%)
WTL 1.61 Decreased By ▼ -0.22 (-12.02%)
BR100 11,465 Decreased By -284.4 (-2.42%)
BR30 35,076 Decreased By -1095.1 (-3.03%)
KSE100 108,186 Decreased By -1784.4 (-1.62%)
KSE30 33,539 Decreased By -592.1 (-1.73%)

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