AIRLINK 180.17 Decreased By ▼ -1.22 (-0.67%)
BOP 11.42 Increased By ▲ 0.25 (2.24%)
CNERGY 8.55 Increased By ▲ 0.01 (0.12%)
CPHL 95.23 Increased By ▲ 0.97 (1.03%)
FCCL 46.52 Increased By ▲ 0.34 (0.74%)
FFL 16.30 Increased By ▲ 0.64 (4.09%)
FLYNG 28.70 Increased By ▲ 0.52 (1.85%)
HUBC 145.24 Increased By ▲ 2.47 (1.73%)
HUMNL 13.10 Decreased By ▼ -0.14 (-1.06%)
KEL 4.50 Decreased By ▼ -0.03 (-0.66%)
KOSM 5.67 Decreased By ▼ -0.12 (-2.07%)
MLCF 69.44 Increased By ▲ 3.93 (6%)
OGDC 212.23 Decreased By ▼ -0.65 (-0.31%)
PACE 6.02 Decreased By ▼ -0.03 (-0.5%)
PAEL 47.89 Increased By ▲ 1.29 (2.77%)
PIAHCLA 18.00 Decreased By ▼ -0.17 (-0.94%)
PIBTL 10.58 Decreased By ▼ -0.03 (-0.28%)
POWER 13.54 Increased By ▲ 1.23 (9.99%)
PPL 170.81 Decreased By ▼ -0.09 (-0.05%)
PRL 34.67 Increased By ▲ 0.40 (1.17%)
PTC 22.64 Decreased By ▼ -0.22 (-0.96%)
SEARL 95.83 Increased By ▲ 0.88 (0.93%)
SSGC 43.37 Increased By ▲ 0.90 (2.12%)
SYM 14.19 No Change ▼ 0.00 (0%)
TELE 7.27 Increased By ▲ 0.06 (0.83%)
TPLP 9.89 Decreased By ▼ -0.02 (-0.2%)
TRG 65.60 Increased By ▲ 0.05 (0.08%)
WAVESAPP 9.80 Decreased By ▼ -0.05 (-0.51%)
WTL 1.33 Increased By ▲ 0.01 (0.76%)
YOUW 3.74 Decreased By ▼ -0.02 (-0.53%)
AIRLINK 180.17 Decreased By ▼ -1.22 (-0.67%)
BOP 11.42 Increased By ▲ 0.25 (2.24%)
CNERGY 8.55 Increased By ▲ 0.01 (0.12%)
CPHL 95.23 Increased By ▲ 0.97 (1.03%)
FCCL 46.52 Increased By ▲ 0.34 (0.74%)
FFL 16.30 Increased By ▲ 0.64 (4.09%)
FLYNG 28.70 Increased By ▲ 0.52 (1.85%)
HUBC 145.24 Increased By ▲ 2.47 (1.73%)
HUMNL 13.10 Decreased By ▼ -0.14 (-1.06%)
KEL 4.50 Decreased By ▼ -0.03 (-0.66%)
KOSM 5.67 Decreased By ▼ -0.12 (-2.07%)
MLCF 69.44 Increased By ▲ 3.93 (6%)
OGDC 212.23 Decreased By ▼ -0.65 (-0.31%)
PACE 6.02 Decreased By ▼ -0.03 (-0.5%)
PAEL 47.89 Increased By ▲ 1.29 (2.77%)
PIAHCLA 18.00 Decreased By ▼ -0.17 (-0.94%)
PIBTL 10.58 Decreased By ▼ -0.03 (-0.28%)
POWER 13.54 Increased By ▲ 1.23 (9.99%)
PPL 170.81 Decreased By ▼ -0.09 (-0.05%)
PRL 34.67 Increased By ▲ 0.40 (1.17%)
PTC 22.64 Decreased By ▼ -0.22 (-0.96%)
SEARL 95.83 Increased By ▲ 0.88 (0.93%)
SSGC 43.37 Increased By ▲ 0.90 (2.12%)
SYM 14.19 No Change ▼ 0.00 (0%)
TELE 7.27 Increased By ▲ 0.06 (0.83%)
TPLP 9.89 Decreased By ▼ -0.02 (-0.2%)
TRG 65.60 Increased By ▲ 0.05 (0.08%)
WAVESAPP 9.80 Decreased By ▼ -0.05 (-0.51%)
WTL 1.33 Increased By ▲ 0.01 (0.76%)
YOUW 3.74 Decreased By ▼ -0.02 (-0.53%)
BR100 12,702 Increased By 113.8 (0.9%)
BR30 38,258 Increased By 378.2 (1%)
KSE100 118,383 Increased By 1067.8 (0.91%)
KSE30 36,395 Increased By 278.8 (0.77%)

Malaysian palm oil futures jumped on Wednesday to their highest in two-and-a-half months, bolstered by a weak ringgit and on worries over potential dry weather curbing crop output. The benchmark December palm oil contract on the Bursa Malaysia Derivatives Exchange closed 2.61 percent higher at 2,240 ringgit ($515.54) a tonne. Prices earlier touched 2,248 ringgit, the highest level since July 6, and have now gained more-than 12 percent so far this month.
"The drivers today include the ringgit factor," said a trader with a commodities brokerage in Kuala Lumpur. "Secondly, people are talking about the El Nino effect happening in Indonesia and indications that El Nino is in Malaysia." Traded volume stood at 52,875 lots of 25 tonnes each, well above the average 35,000 lots usually traded at the close.
There is a growing consensus among weather forecasters for a strong El Nino this year, with some climate experts warning that it could be one of the strongest on record. "A strong 2015/16 El Nino event of the 1997/98 magnitude could disrupt palm oil supply growth in Indonesia and Malaysia," Ivy Ng, an analyst at CIMB Investment Bank Bhd, said in a note. "This may not be sufficient to meet the rising demand for palm oil and will be positive for CPO prices." In competing vegetable oil markets, the most active January soybean oil contract on the Dalian Commodity Exchange fell 1.2 percent, while the US December soyoil contract added 0.84 percent in early European trading.

Copyright Reuters, 2015

Comments

Comments are closed.