AGL 38.34 Decreased By ▼ -1.16 (-2.94%)
AIRLINK 194.29 Increased By ▲ 17.66 (10%)
BOP 10.75 Increased By ▲ 0.66 (6.54%)
CNERGY 6.86 Decreased By ▼ -0.01 (-0.15%)
DCL 10.11 Increased By ▲ 0.18 (1.81%)
DFML 43.15 Increased By ▲ 0.41 (0.96%)
DGKC 96.00 Decreased By ▼ -2.17 (-2.21%)
FCCL 38.20 Decreased By ▼ -1.11 (-2.82%)
FFBL 81.00 Decreased By ▼ -0.86 (-1.05%)
FFL 13.99 Decreased By ▼ -0.40 (-2.78%)
HUBC 119.10 Decreased By ▼ -2.34 (-1.93%)
HUMNL 14.71 Decreased By ▼ -0.63 (-4.11%)
KEL 5.72 Increased By ▲ 0.06 (1.06%)
KOSM 8.46 Increased By ▲ 0.34 (4.19%)
MLCF 46.35 Decreased By ▼ -1.76 (-3.66%)
NBP 77.00 Increased By ▲ 1.18 (1.56%)
OGDC 194.45 Decreased By ▼ -2.96 (-1.5%)
PAEL 34.50 Increased By ▲ 2.12 (6.55%)
PIBTL 8.45 Increased By ▲ 0.30 (3.68%)
PPL 174.30 Decreased By ▼ -1.20 (-0.68%)
PRL 33.23 Decreased By ▼ -0.86 (-2.52%)
PTC 24.57 Increased By ▲ 2.23 (9.98%)
SEARL 109.44 Increased By ▲ 6.24 (6.05%)
TELE 8.95 Increased By ▲ 0.44 (5.17%)
TOMCL 34.94 Decreased By ▼ -0.09 (-0.26%)
TPLP 11.66 Increased By ▲ 0.40 (3.55%)
TREET 18.61 Decreased By ▼ -0.54 (-2.82%)
TRG 59.99 Increased By ▲ 1.43 (2.44%)
UNITY 36.20 Increased By ▲ 1.34 (3.84%)
WTL 1.75 Increased By ▲ 0.16 (10.06%)
BR100 11,701 Increased By 49.8 (0.43%)
BR30 35,411 Decreased By -67.2 (-0.19%)
KSE100 109,054 Increased By 815 (0.75%)
KSE30 33,849 Increased By 155.6 (0.46%)

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