AGL 40.25 Increased By ▲ 0.24 (0.6%)
AIRLINK 192.00 Decreased By ▼ -5.85 (-2.96%)
BOP 10.11 Decreased By ▼ -0.26 (-2.51%)
CNERGY 7.42 Increased By ▲ 0.29 (4.07%)
DCL 10.81 Increased By ▲ 0.20 (1.89%)
DFML 44.15 Increased By ▲ 0.33 (0.75%)
DGKC 110.00 Increased By ▲ 4.33 (4.1%)
FCCL 40.10 Increased By ▲ 0.50 (1.26%)
FFBL 84.15 Increased By ▲ 3.90 (4.86%)
FFL 14.71 Increased By ▲ 0.57 (4.03%)
HUBC 120.00 Decreased By ▼ -0.56 (-0.46%)
HUMNL 14.30 Decreased By ▼ -0.37 (-2.52%)
KEL 6.11 Decreased By ▼ -0.05 (-0.81%)
KOSM 8.40 Increased By ▲ 0.14 (1.69%)
MLCF 50.70 Increased By ▲ 1.09 (2.2%)
NBP 73.30 Decreased By ▼ -1.18 (-1.58%)
OGDC 197.11 Increased By ▲ 0.04 (0.02%)
PAEL 34.30 Decreased By ▼ -0.80 (-2.28%)
PIBTL 8.42 Decreased By ▼ -0.10 (-1.17%)
PPL 177.56 Increased By ▲ 1.30 (0.74%)
PRL 34.60 Increased By ▲ 1.34 (4.03%)
PTC 25.74 Increased By ▲ 0.15 (0.59%)
SEARL 122.60 Increased By ▲ 1.56 (1.29%)
TELE 10.19 Increased By ▲ 0.29 (2.93%)
TOMCL 35.92 Increased By ▲ 0.69 (1.96%)
TPLP 12.60 Decreased By ▼ -0.14 (-1.1%)
TREET 19.28 Increased By ▲ 0.31 (1.63%)
TRG 62.90 Increased By ▲ 2.62 (4.35%)
UNITY 38.90 Decreased By ▼ -0.12 (-0.31%)
WTL 1.80 Decreased By ▼ -0.03 (-1.64%)
BR100 11,845 Increased By 95.6 (0.81%)
BR30 36,354 Increased By 182.9 (0.51%)
KSE100 111,677 Increased By 1706.3 (1.55%)
KSE30 34,711 Increased By 580.3 (1.7%)

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