Palm climbs for second day on India demand

News Image

MG News | September 21, 2022 at 09:41 AM GMT+05:00

0:00

September 21, 2022: Malaysian palm oil futures rose on Wednesday, extending gains to a second session on strong export demand ahead of a key festival in top buyer India.

The benchmark palm oil contract FCPOc3 for December delivery on the Bursa Malaysia Derivatives Exchange rose 56 ringgit, or 1.5%, to 3,793 ringgit ($830.71) a tonne in early trade.

FUNDAMENTALS

* Exports of Malaysian palm oil products for Sept. 1-20 rose 32.7% to 952,888 tonnes from 718,291 tonnes shipped during Aug. 1-20, cargo surveyor Societe Generale de Surveillance (SGS) said.

* SGS data showed shipments to India during the period surged 50%. The world's biggest edible oil buyer is ramping up purchases ahead of the Diwali festival next month.

* Dalian's most-active soyoil contract DBYcv1 rose 1.2%, while its palm oil contract DCPcv1 gained 0.9%. Soyoil prices on the Chicago Board of Trade BOcv1 were down 0.2%.

* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

* Palm oil may retest a resistance at 3,796 ringgit per tonne, a break above which could lead to a gain into 3,847-3,897 ringgit, Reuters technical analyst Wang Tao said.

MARKET NEWS

* Stocks in Asia sank and bond yields were elevated, as investors braced for another aggressive interest rate hike from the U.S. Federal Reserve later in the day.

* Oil prices slid, extending the previous day's losses, as investors braced for another aggressive interest rate hike from the U.S. Federal Reserve that they fear could lead to recession and plunging fuel demand.

Reuters

Related News

Name Price/Vol %Chg/NChg
KSE100 139,860.59
49.31M
1.05%
1448.34
ALLSHR 86,692.78
111.98M
1.15%
989.82
KSE30 42,738.15
28.64M
1.14%
483.31
KMI30 197,014.11
31.37M
1.50%
2904.52
KMIALLSHR 57,560.48
53.48M
1.49%
846.81
BKTi 38,024.76
2.84M
0.51%
193.42
OGTi 28,375.55
13.01M
3.41%
934.91
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 119,330.00 119,430.00
117,905.00
1710.00
1.45%
BRENT CRUDE 72.24 72.82
72.19
-1.00
-1.37%
RICHARDS BAY COAL MONTHLY 96.50 0.00
0.00
2.20
2.33%
ROTTERDAM COAL MONTHLY 104.50 104.50
104.50
-0.30
-0.29%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 69.86 70.41
69.83
-0.14
-0.20%
SUGAR #11 WORLD 16.46 16.58
16.37
-0.13
-0.78%

Chart of the Day


Latest News
July 31, 2025 at 10:16 AM GMT+05:00

Pakistan seeks stronger trade ties with Morocco


July 31, 2025 at 10:02 AM GMT+05:00

Fed holds rates steady


July 31, 2025 at 09:57 AM GMT+05:00

Pakistan’s untapped Shale reserves back in focus


July 31, 2025 at 09:42 AM GMT+05:00

NBP issues foreign exchange rates


July 31, 2025 at 09:36 AM GMT+05:00

Asian Markets varied amid trade tensions



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg