AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 127.20 Increased By ▲ 0.16 (0.13%)
BOP 6.58 Decreased By ▼ -0.09 (-1.35%)
CNERGY 4.46 Decreased By ▼ -0.05 (-1.11%)
DCL 8.65 Increased By ▲ 0.10 (1.17%)
DFML 41.83 Increased By ▲ 0.39 (0.94%)
DGKC 86.71 Decreased By ▼ -0.14 (-0.16%)
FCCL 32.00 Decreased By ▼ -0.28 (-0.87%)
FFBL 64.73 Decreased By ▼ -0.07 (-0.11%)
FFL 10.15 Decreased By ▼ -0.10 (-0.98%)
HUBC 109.15 Decreased By ▼ -0.42 (-0.38%)
HUMNL 14.66 Decreased By ▼ -0.02 (-0.14%)
KEL 5.12 Increased By ▲ 0.07 (1.39%)
KOSM 7.16 Decreased By ▼ -0.30 (-4.02%)
MLCF 41.25 Decreased By ▼ -0.13 (-0.31%)
NBP 59.94 Decreased By ▼ -0.47 (-0.78%)
OGDC 194.45 Increased By ▲ 4.35 (2.29%)
PAEL 28.15 Increased By ▲ 0.32 (1.15%)
PIBTL 7.77 Decreased By ▼ -0.06 (-0.77%)
PPL 151.25 Increased By ▲ 1.19 (0.79%)
PRL 26.39 Decreased By ▼ -0.49 (-1.82%)
PTC 16.10 Increased By ▲ 0.03 (0.19%)
SEARL 78.30 Decreased By ▼ -7.70 (-8.95%)
TELE 7.46 Decreased By ▼ -0.25 (-3.24%)
TOMCL 35.40 Decreased By ▼ -0.01 (-0.03%)
TPLP 8.15 Increased By ▲ 0.03 (0.37%)
TREET 16.00 Decreased By ▼ -0.41 (-2.5%)
TRG 52.85 Decreased By ▼ -0.44 (-0.83%)
UNITY 26.50 Increased By ▲ 0.34 (1.3%)
WTL 1.26 No Change ▼ 0.00 (0%)
BR100 9,933 Increased By 49.4 (0.5%)
BR30 30,896 Increased By 295.7 (0.97%)
KSE100 93,861 Increased By 505.2 (0.54%)
KSE30 29,076 Increased By 145 (0.5%)

Malaysian palm oil futures rose for a fourth day on Thursday after touching a four-year high intraday, as it tracked a rally in soyaoil on the Chicago Board of Trade (CBOT) on latest US government biodiesel requirements. Weakness in the ringgit against the dollar also helped palm oil as it makes the tropical oil cheaper for foreign buyers. The Malaysian currency touched its lowest since September 29, 2015, tracking slides in most government bond prices.
Benchmark palm oil futures for February delivery on the Bursa Malaysia Derivatives Exchange were up 1.7 percent at 3,005 ringgit ($676.04) a tonne, closing at its highest in nearly two weeks. Traded volumes stood at 39,467 lots of 25 tonnes each. Palm oil futures rose as much as 4.9 percent soon after the market opened, touching their highest since September 2012, tracking the overnight soyaoil market, traders said.
CBOT soyaoil futures surged nearly 7 percent on Wednesday after the US government released final requirements for biofuel use for next year. "The biodiesel requirements will boost demand for soyabean oil and indirectly for palm oil as well, which is its near perfect substitute," said Adhi Tasmin, a palm analyst with Maybank Kim Eng Securities in Jakarta.
However, rising production and concerns over possible demand disruption in India are expected to cap the rally in palm prices, Tasmin said. The January soyabean oil contract on the Dalian Commodity Exchange rose 2.6 percent, while the January contract for palm olein climbed 0.6 percent. Trading in Chicago is closed on Thursday for Thanksgiving holiday.

Copyright Reuters, 2016

Comments

Comments are closed.