AGL 39.50 Increased By ▲ 0.72 (1.86%)
AIRLINK 203.30 Increased By ▲ 9.01 (4.64%)
BOP 10.59 Decreased By ▼ -0.25 (-2.31%)
CNERGY 6.84 Decreased By ▼ -0.03 (-0.44%)
DCL 10.19 No Change ▼ 0.00 (0%)
DFML 44.27 Increased By ▲ 1.14 (2.64%)
DGKC 99.15 Increased By ▲ 2.54 (2.63%)
FCCL 38.47 Increased By ▲ 0.40 (1.05%)
FFBL 81.60 Increased By ▲ 0.17 (0.21%)
FFL 14.10 Increased By ▲ 0.07 (0.5%)
HUBC 121.05 Increased By ▲ 2.07 (1.74%)
HUMNL 15.10 Increased By ▲ 0.33 (2.23%)
KEL 5.84 Increased By ▲ 0.10 (1.74%)
KOSM 8.32 Decreased By ▼ -0.17 (-2%)
MLCF 47.10 Increased By ▲ 0.56 (1.2%)
NBP 75.40 Decreased By ▼ -1.83 (-2.37%)
OGDC 195.60 Increased By ▲ 0.82 (0.42%)
PAEL 36.04 Increased By ▲ 1.30 (3.74%)
PIBTL 8.66 Increased By ▲ 0.28 (3.34%)
PPL 174.25 Decreased By ▼ -0.32 (-0.18%)
PRL 33.13 Decreased By ▼ -0.04 (-0.12%)
PTC 26.18 Increased By ▲ 1.61 (6.55%)
SEARL 118.45 Increased By ▲ 8.41 (7.64%)
TELE 9.70 Increased By ▲ 0.80 (8.99%)
TOMCL 35.35 Increased By ▲ 0.52 (1.49%)
TPLP 12.05 Increased By ▲ 0.36 (3.08%)
TREET 18.96 Increased By ▲ 0.40 (2.16%)
TRG 60.33 Increased By ▲ 0.27 (0.45%)
UNITY 37.10 Increased By ▲ 0.61 (1.67%)
WTL 1.84 Increased By ▲ 0.09 (5.14%)
BR100 11,711 Increased By 10.7 (0.09%)
BR30 35,888 Increased By 477.4 (1.35%)
KSE100 109,593 Increased By 538.5 (0.49%)
KSE30 33,998 Increased By 149.2 (0.44%)

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