AIRLINK 209.55 Decreased By ▼ -1.42 (-0.67%)
BOP 10.46 Decreased By ▼ -0.21 (-1.97%)
CNERGY 7.35 Decreased By ▼ -0.06 (-0.81%)
FCCL 34.39 Increased By ▲ 0.82 (2.44%)
FFL 18.05 Decreased By ▼ -0.36 (-1.96%)
FLYNG 22.92 Decreased By ▼ -0.70 (-2.96%)
HUBC 132.49 Increased By ▲ 1.10 (0.84%)
HUMNL 14.14 Increased By ▲ 0.04 (0.28%)
KEL 5.03 Increased By ▲ 0.05 (1%)
KOSM 7.07 Decreased By ▼ -0.09 (-1.26%)
MLCF 45.20 Increased By ▲ 1.44 (3.29%)
OGDC 218.38 Increased By ▲ 4.82 (2.26%)
PACE 7.58 Increased By ▲ 0.13 (1.74%)
PAEL 41.70 Increased By ▲ 0.17 (0.41%)
PIAHCLA 17.30 Decreased By ▼ -0.17 (-0.97%)
PIBTL 8.55 Decreased By ▼ -0.05 (-0.58%)
POWERPS 12.50 No Change ▼ 0.00 (0%)
PPL 189.03 Decreased By ▼ -0.57 (-0.3%)
PRL 42.33 Decreased By ▼ -1.98 (-4.47%)
PTC 25.17 Increased By ▲ 0.20 (0.8%)
SEARL 103.96 Increased By ▲ 0.59 (0.57%)
SILK 1.03 No Change ▼ 0.00 (0%)
SSGC 39.24 Decreased By ▼ -1.26 (-3.11%)
SYM 19.16 Decreased By ▼ -0.36 (-1.84%)
TELE 9.24 Decreased By ▼ -0.20 (-2.12%)
TPLP 13.10 Decreased By ▼ -0.40 (-2.96%)
TRG 69.18 Increased By ▲ 4.71 (7.31%)
WAVESAPP 10.72 Decreased By ▼ -0.18 (-1.65%)
WTL 1.71 Increased By ▲ 0.06 (3.64%)
YOUW 4.14 Decreased By ▼ -0.07 (-1.66%)
BR100 12,079 Decreased By -111.6 (-0.92%)
BR30 36,602 Increased By 19.8 (0.05%)
KSE100 116,053 Decreased By -202.4 (-0.17%)
KSE30 36,578 Decreased By -25.8 (-0.07%)

Malaysian palm oil futures eased on Tuesday, following losses in soyoil, though the downside was restricted by a drop in the ringgit and hopes that top-producing countries will now use more tropical oil for biodiesel production. The palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange closed down 0.35 percent at 2,529 ringgit ($615.33) a tonne, having risen by 1.2 percent on Monday.
In competing vegetable oil markets, the May soybean oil contract on the Dalian Commodity Exchange was little changed while the Chicago soyoil contract fell by 0.5 percent. "The ringgit has started falling again. It should limit the losses in palm oil," the trader said. The market is also receiving support from attempts by leading producers to raise the amount of palm oil used in biodiesel, traders said. "It seems Malaysia and Indonesia are determined to increase palm oil blending in biodiesel. It will help in bringing down inventory in coming months," one Kuala Lumpur-based trader said.
Malaysia was confident that it would implement its programme for biodiesel to have a bio-content of at least 10 percent, Plantations Minister Douglas Uggah Embas said at a palm oil conference in Kuala Lumpur. Traded volume stood at 20,334 lots of 25 tonnes each, significantly below the 42,774 lots traded on Friday. "Before taking large position, traders want to know what industry officials say at the palm oil conference," said a Mumbai-based trader, referring to the conference in Kuala Lumpur from March 7-9. Palm oil is expected to test resistance at 2,559 ringgit a tonne, a break above which could open the way to the next resistance at 2,580 ringgit, said Wang Tao, Reuters market analyst for commodities and energy technicals.

Copyright Reuters, 2016

Comments

Comments are closed.