Palm extends gain on better Nov exports, output concerns

News Image

MG News | November 11, 2021 at 09:22 AM GMT+05:00

0:00

November 11, 2021: Malaysian palm oil futures rose for a second straight session on Thursday, underpinned by cargo surveyor data showing an increase in early November exports, and concerns over a slowdown in production.

The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange gained 22 ringgit, or 0.45%, to 4,942 ringgit ($1,190.41) a tonne in early trade.

FUNDAMENTALS

* Exports of Malaysian palm oil products for Nov. 1-10 rose 13.4% to 563,093 tonnes from the same period in October, cargo surveyor Societe Generale de Surveillance said.

* "There are signs of weakness in November production with some planters observing less fruit bunches and higher rainfall," Adrian Kok, an equity analyst at Kenanga Investment Bank, said in a note.

* Kenanga forecasts November production to decline 3.8% from the month before to 1.66 million tonnes.

* Malaysia's end-October palm oil inventories rose 4.4% from the month before as exports sank while production climbed to a 13-month high, data from the palm oil board showed on Wednesday.

* Dalian's most-active soyoil contract rose 3%, while its palm oil contract was up 3.4%. Soyoil prices on the Chicago Board of Trade gained 0.3%.

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

Reuters

 

Related News

Name Price/Vol %Chg/NChg
KSE100 148,617.78
624.60M
0.86%
1274.27
ALLSHR 91,685.08
1,340.28M
0.74%
669.39
KSE30 45,247.79
197.43M
0.83%
370.74
KMI30 212,370.79
224.51M
1.05%
2209.48
KMIALLSHR 61,227.89
711.87M
1.18%
715.56
BKTi 41,264.02
160.39M
0.54%
221.73
OGTi 30,019.10
23.63M
0.64%
190.41
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 108,265.00 113,390.00
108,020.00
-4475.00
-3.97%
BRENT CRUDE 67.46 67.94
67.29
-0.52
-0.76%
RICHARDS BAY COAL MONTHLY 88.70 88.70
88.70
-0.75
-0.84%
ROTTERDAM COAL MONTHLY 96.15 96.75
96.00
-0.40
-0.41%
USD RBD PALM OLEIN 1,106.50 1,106.50
1,106.50
0.00
0.00%
CRUDE OIL - WTI 64.01 64.55
63.88
-0.59
-0.91%
SUGAR #11 WORLD 16.34 16.52
16.33
-0.14
-0.85%

Chart of the Day


Latest News
August 30, 2025 at 04:28 PM GMT+05:00

Key Pakistan Market Stats and Economic Indicators


August 29, 2025 at 06:04 PM GMT+05:00

SCRA inflows offset Rs8.5bn net selling


August 29, 2025 at 05:46 PM GMT+05:00

SECP cuts bonus, right issue timelines



Top 5 things to watch in this week

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