Palm gains 2% on stronger rival oils
MG News | August 19, 2022 at 09:36 AM GMT+05:00
August 19, 2022: Malaysian palm oil futures rebounded on Friday on stronger other vegetable oils after tumbling to a near two-week low in the previous session but headed for a weekly drop.
The benchmark palm oil contract FCPOc3 for November delivery on the Bursa Malaysia Derivatives Exchange gained 97 ringgit, or 2.4%, to 4,140 ringgit ($925.14) a tonne during early trade.
FUNDAMENTALS
* Dalian's soyoil contract DBYv1 increased 0.58%, while its palm oil contract DCPv1 rose 0.31%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.71%.
* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
* Oil prices edged higher in early trade on Friday, extending a rally into the third day, as investors weighed hopes for strong fuel demand after a larger-than-expected drawdown in U.S. crude stocks, brushing off worries about a global economic slowdown. O/R
* Palm oil FCPOc3 may fall towards 3,857 ringgit per tonne, as it has broken a support at 4,085 ringgit per tonne.
Reuters
Related News
| Name | Price/Vol | %Chg/NChg |
|---|---|---|
| KSE100 | 178,031.67 252.21M | 0.49% 865.14 |
| ALLSHR | 108,191.63 499.08M | 0.51% 549.98 |
| KSE30 | 52,986.57 67.90M | 0.60% 315.76 |
| KMI30 | 253,484.99 91.44M | 0.81% 2024.46 |
| KMIALLSHR | 69,933.92 433.09M | 0.75% 520.55 |
| BKTi | 50,049.78 8.11M | 0.13% 64.99 |
| OGTi | 37,209.70 17.47M | 2.16% 786.66 |
| Symbol | Bid/Ask | High/Low |
|---|
| Name | Last | High/Low | Chg/%Chg |
|---|---|---|---|
| BITCOIN FUTURES | 77,540.00 | 78,915.00 76,745.00 | 360.00 0.47% |
| BRENT CRUDE | 93.60 | 94.83 92.74 | -0.18 -0.19% |
| RICHARDS BAY COAL MONTHLY | 110.30 | 110.50 110.30 | 0.05 0.05% |
| ROTTERDAM COAL MONTHLY | 125.25 | 125.25 125.25 | 1.50 1.21% |
| USD RBD PALM OLEIN | 1,175.00 | 1,175.00 1,175.00 | 0.00 0.00% |
| CRUDE OIL - WTI | 86.64 | 87.51 85.80 | -0.19 -0.22% |
| SUGAR #11 WORLD | 17.60 | 17.89 17.16 | 0.08 0.46% |
Chart of the Day
Latest News
Top 5 things to watch in this week
Pakistan Stock Movers
| Name | Last | Chg/%Chg |
|---|
| Name | Last | Chg/%Chg |
|---|