AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 129.06 Decreased By ▼ -0.47 (-0.36%)
BOP 6.75 Increased By ▲ 0.07 (1.05%)
CNERGY 4.49 Decreased By ▼ -0.14 (-3.02%)
DCL 8.55 Decreased By ▼ -0.39 (-4.36%)
DFML 40.82 Decreased By ▼ -0.87 (-2.09%)
DGKC 80.96 Decreased By ▼ -2.81 (-3.35%)
FCCL 32.77 No Change ▼ 0.00 (0%)
FFBL 74.43 Decreased By ▼ -1.04 (-1.38%)
FFL 11.74 Increased By ▲ 0.27 (2.35%)
HUBC 109.58 Decreased By ▼ -0.97 (-0.88%)
HUMNL 13.75 Decreased By ▼ -0.81 (-5.56%)
KEL 5.31 Decreased By ▼ -0.08 (-1.48%)
KOSM 7.72 Decreased By ▼ -0.68 (-8.1%)
MLCF 38.60 Decreased By ▼ -1.19 (-2.99%)
NBP 63.51 Increased By ▲ 3.22 (5.34%)
OGDC 194.69 Decreased By ▼ -4.97 (-2.49%)
PAEL 25.71 Decreased By ▼ -0.94 (-3.53%)
PIBTL 7.39 Decreased By ▼ -0.27 (-3.52%)
PPL 155.45 Decreased By ▼ -2.47 (-1.56%)
PRL 25.79 Decreased By ▼ -0.94 (-3.52%)
PTC 17.50 Decreased By ▼ -0.96 (-5.2%)
SEARL 78.65 Decreased By ▼ -3.79 (-4.6%)
TELE 7.86 Decreased By ▼ -0.45 (-5.42%)
TOMCL 33.73 Decreased By ▼ -0.78 (-2.26%)
TPLP 8.40 Decreased By ▼ -0.66 (-7.28%)
TREET 16.27 Decreased By ▼ -1.20 (-6.87%)
TRG 58.22 Decreased By ▼ -3.10 (-5.06%)
UNITY 27.49 Increased By ▲ 0.06 (0.22%)
WTL 1.39 Increased By ▲ 0.01 (0.72%)
BR100 10,445 Increased By 38.5 (0.37%)
BR30 31,189 Decreased By -523.9 (-1.65%)
KSE100 97,798 Increased By 469.8 (0.48%)
KSE30 30,481 Increased By 288.3 (0.95%)

Malaysian palm oil futures declined 2 percent at the close of trade on Thursday, weighed down by mounting concerns of a US recession and technical selling after seven consecutive days of gains. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange was last down 2% at 2,175 ringgit ($518.85) per tonne, though still holding near a four-month high.
Palm oil prices have gained 5% since the start of the month, and rose to a four-and-a-half-month high of 2,223 ringgit in its previous trading session. "The market is down over the recession concerns," said a Kuala Lumpur-based trader. Another trader said palm had weakened due to technical selling after the past week's continuous gains.
The US Treasury yield curve inverted for the first time since 2007 on Wednesday, a sign of investor concern the world's biggest economy may be heading for recession. Palm was also earlier weighed down by weaker crude oil, which slipped further below $60 a barrel, pressured by recession concerns and a surprise boost in US crude inventories.
Palm oil prices are impacted by movements in crude oil as the vegetable oil is used as feedstock to make biodiesel, a fuel substitute. In other related edible oils, US soyaoil futures on the CBOT was down 0.6% on Thursday, while the September soyaoil contract on the Dalian exchange rose 0.3%. The Dalian September palm oil contract fell 0.6%. Palm oil prices are also affected by movements in related oils that compete in the global vegetable oils market.

Copyright Reuters, 2019

Comments

Comments are closed.