Palm oil eases as crude weakens, set for weekly loss

News Image

MG News | November 26, 2021 at 09:10 AM GMT+05:00

0:00

November 26, 2021: Malaysian palm oil futures slipped on Friday on course for a weekly decline, weighed down by weaker crude and rival oil prices.

The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange slid 23 ringgit, or 0.47%, to 4,904 ringgit ($1,157.42) a tonne during early trade.

The contract is down 1.8% for the week, after posting two straight weekly jumps, also hurt by a forecast for stronger production of top vegetable oils next year.

FUNDAMENTALS

* Exports of Malaysian palm oil products for Nov. 1-25 rose between 4.5% and 10.9% from the same period in October, according to cargo surveyors' data on Thursday.

* The pace of shipments, however, have slowed down from a monthly rise of between 9% and 18% seen during Nov. 1-20.

* Oil prices slid more than 1% on concerns that a global supply surplus could swell in the first quarter following a coordinated release of crude reserves among major consumers.

* Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.

* Dalian's most-active soyoil contract fell 0.2%, while its palm oil contract slipped 0.5%. The Chicago Board of Trade was closed for a public holiday.

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

* The ringgit, palm's currency of trade, fell 0.2% against the dollar, making the edible oil cheaper for holders of foreign currency.

* Palm oil may break a support at 4,902 ringgit per tonne, and fall to the next support at 4,827 ringgit, Reuters technical analyst Wang Tao said.

Reuters

Related News

Name Price/Vol %Chg/NChg
KSE100 134,299.77
290.06M
0.39%
517.42
ALLSHR 84,018.16
764.12M
0.48%
402.35
KSE30 40,814.29
132.59M
0.33%
132.52
KMI30 192,589.16
116.24M
0.49%
948.28
KMIALLSHR 56,072.25
387.69M
0.32%
180.74
BKTi 36,971.75
19.46M
-0.05%
-16.94
OGTi 28,240.28
6.19M
0.21%
58.78
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 118,140.00 119,450.00
115,635.00
4270.00
3.75%
BRENT CRUDE 70.63 70.71
68.55
1.99
2.90%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
1.10
1.14%
ROTTERDAM COAL MONTHLY 108.75 108.75
108.75
0.40
0.37%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 68.75 68.77
66.50
2.18
3.27%
SUGAR #11 WORLD 16.56 16.60
16.20
0.30
1.85%

Chart of the Day


Latest News
July 11, 2025 at 10:56 PM GMT+05:00

Gold price in Pakistan rises Rs2,300 per tola


July 11, 2025 at 05:49 PM GMT+05:00

PKR gains 10 paisa per USD


July 11, 2025 at 05:41 PM GMT+05:00

PSX Closing Bell: Bulls Serenade The Bourse


July 11, 2025 at 05:06 PM GMT+05:00

UBL doubles profit to Rs65bn in 1HCY25


July 11, 2025 at 04:19 PM GMT+05:00

Ideal Spinning Mills to exit spinning business



Top 5 things to watch in this week

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