Palm oil tracks rival oils lower

News Image

By MG News | June 01, 2022 at 09:19 AM GMT+05:00

0:00

June 01, 2022: Malaysian palm oil futures eased on Wednesday tracking weakness in rival oils, although losses were limited by concerns of a slower output recovery after Indonesia stopped a batch of migrant workers from entering labor-starved Malaysian estates.

The benchmark palm oil contract FCPOc3 for August delivery on the Bursa Malaysia Derivatives Exchange slid 56 ringgit, or 0.89%, to 6,248 ringgit ($1,425.83) a tonne during early trade, down for a third in four sessions.

FUNDAMENTALS

Indonesia canceled a plan to send its citizens to work in palm oil plantations in neighboring Malaysia, which has faced a labor shortage, its envoy to Kuala Lumpur said on Tuesday. 

India has slashed the base import prices of crude and refined palm oil while raising the price of crude soyoil, the government said in a statement late on Tuesday. 

Indonesia set crude palm oil reference price at $1,700.12 per tonne for June, a senior official at the coordinating ministry of economic affairs, Musdhalifah Machmud, said on Tuesday, up from May's $1,657.39 a tonne. 

Dalian's most-active soyoil contract DBYcv1 fell 0.4%, while its palm oil contract DCPcv1 eased 0.3%. Soyoil prices on the Chicago Board of Trade BOcv1 were down 0.03%.

Palm oil looks neutral in a range of 6,220-6,423 ringgit per tonne, and an escape could suggest a direction, Reuters technical analyst Wang Tao said.

MARKET NEWS

Stocks steadied in Asia, as Shanghai emerged blinking from two months of lockdown and a dip in oil prices dangled the prospect of a respite from rising energy prices, but nerves about inflation kept investors and bond markets on edge. 

Reuters

Related News

Name Price/Vol %Chg/NChg
KSE100 130,344.03
345.79M
1.67%
2144.61
ALLSHR 81,023.99
1,021.87M
1.55%
1236.37
KSE30 39,908.26
141.62M
2.05%
803.27
KMI30 189,535.00
150.29M
1.40%
2619.39
KMIALLSHR 54,783.66
508.76M
1.07%
581.78
BKTi 34,940.73
55.86M
4.37%
1464.05
OGTi 28,296.06
16.02M
1.19%
333.47
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 108,135.00 108,430.00
105,440.00
2385.00
2.26%
BRENT CRUDE 67.81 68.10
66.94
0.70
1.04%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
0.75
0.78%
ROTTERDAM COAL MONTHLY 109.15 110.00
108.25
1.65
1.53%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 66.17 66.43
65.23
0.72
1.10%
SUGAR #11 WORLD 15.71 15.97
15.58
0.01
0.06%

Chart of the Day


Latest News
July 02, 2025 at 05:29 PM GMT+05:00

CDNS revises profit rates on savings schemes


July 02, 2025 at 05:05 PM GMT+05:00

PSX in FY25: From Oof to Boom


July 02, 2025 at 05:01 PM GMT+05:00

Gold price in Pakistan falls Rs600 per tola


July 02, 2025 at 04:35 PM GMT+05:00

Oil gains slightly as market eyes Iran, OPEC+ moves


July 02, 2025 at 04:02 PM GMT+05:00

PSX Closing Bell: Record Breaker



Top 5 things to watch in this week

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