AGL 40.40 Increased By ▲ 0.20 (0.5%)
AIRLINK 129.25 Increased By ▲ 0.14 (0.11%)
BOP 6.81 Increased By ▲ 0.21 (3.18%)
CNERGY 4.13 Increased By ▲ 0.10 (2.48%)
DCL 8.73 Increased By ▲ 0.28 (3.31%)
DFML 41.40 Increased By ▲ 0.15 (0.36%)
DGKC 87.75 Increased By ▲ 0.75 (0.86%)
FCCL 33.85 Increased By ▲ 0.50 (1.5%)
FFBL 66.40 Increased By ▲ 0.50 (0.76%)
FFL 10.69 Increased By ▲ 0.15 (1.42%)
HUBC 113.51 Increased By ▲ 2.81 (2.54%)
HUMNL 15.65 Increased By ▲ 0.42 (2.76%)
KEL 4.87 Increased By ▲ 0.09 (1.88%)
KOSM 7.62 Decreased By ▼ -0.21 (-2.68%)
MLCF 43.10 Increased By ▲ 1.20 (2.86%)
NBP 61.50 Increased By ▲ 1.00 (1.65%)
OGDC 192.20 Increased By ▲ 9.40 (5.14%)
PAEL 27.05 Increased By ▲ 1.69 (6.66%)
PIBTL 7.26 Increased By ▲ 1.00 (15.97%)
PPL 150.50 Increased By ▲ 2.69 (1.82%)
PRL 24.96 Increased By ▲ 0.40 (1.63%)
PTC 16.25 Increased By ▲ 0.01 (0.06%)
SEARL 71.30 Increased By ▲ 0.80 (1.13%)
TELE 7.25 Decreased By ▼ -0.05 (-0.68%)
TOMCL 36.29 Decreased By ▼ -0.01 (-0.03%)
TPLP 8.05 Increased By ▲ 0.20 (2.55%)
TREET 16.30 Increased By ▲ 1.00 (6.54%)
TRG 51.56 Decreased By ▼ -0.14 (-0.27%)
UNITY 27.35 No Change ▼ 0.00 (0%)
WTL 1.27 Increased By ▲ 0.04 (3.25%)
BR100 9,957 Increased By 115.5 (1.17%)
BR30 30,770 Increased By 733.6 (2.44%)
KSE100 93,292 Increased By 771.2 (0.83%)
KSE30 29,017 Increased By 230.5 (0.8%)

Malaysian palm oil futures climbed to a six-week high in evening trade on Tuesday, charting a third session of gains in four, tracking overnight strength in US soyaoil and crude oil prices. The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange was up 1.3 percent at 2,477 ringgit ($624.64) a tonne at the end of the trading day for its largest percentage gain since May 14.
The market had hit an intraday peak of 2,485 ringgit, its highest since April 9. Trading volume stood at 39,505 lots of 25 tonnes each by the close. "Soyaoil is up, and crude oil is trading at three-year highs," said one futures trader in Kuala Lumpur, adding that this encouraged more production of palm-based biodiesel. Palm oil prices are affected by movements in crude oil because it is used as feedstock to produce biodiesel. Crude oil prices rose on Tuesday on concerns that Venezuela's output could drop further after a disputed presidential election and potential US sanctions on the OPEC member.
Another trader said that expectations of lower palm oil production in May also supported benchmark prices. Data from the Malaysian Palm Oil Board (MPOB) had showed that April output in the Southeast Asian country dipped by 1 percent to 1.56 million tonnes from a month earlier but was still the highest April level since 2015. Palm oil is also affected by movements in rival edible oils that compete in the global vegetable oils market.
The Chicago July soyabean oil contract jumped 1.4 percent on Monday, tracking rallies in soyabean prices after the United States and China agreed to drop tariff threats as they work on a wider trade agreement. Soyaoil was up 0.7 percent at about 1100 GMT on Tuesday. In other related oils, September soyabean oil on China's Dalian Commodity Exchange fell 0.2 percent, while the Dalian September palm oil contract was trading flat.

Copyright Reuters, 2018

Comments

Comments are closed.