Palm rallies for third day on strength in related oils, sluggish ringgit
MG News | August 23, 2022 at 09:18 AM GMT+05:00
August 23, 2022: Malaysia's benchmark palm oil futures rose for a third straight session on Tuesday, supported by gains in rival edible oils and a sluggish ringgit.
The benchmark palm oil contract FCPOc3 for November delivery on the Bursa Malaysia Derivatives Exchange rose 1.39%, to 4,218 ringgit ($940.05) a tonne during early trade.
FUNDAMENTALS
* Dalian's soyoil contract DBYv1 gained 1.60%, while its palm oil contract DCPv1 rose 2.38%. Soyoil prices on the Chicago Board of Trade BOc2 were up 0.36%.
* Palm oil is affected by price movements in related oils, as they compete for a share in the global vegetable oils market.
* Malaysian ringgit MYR= weakened against the dollar for a seventh straight day, making palm attractive for buyers with foreign currency.
* Malaysian palm oil products exports during Aug 1-20 fell 0.8% compared to shipments on July 1-20, cargo surveyor Societe Generale de Surveillance said on Monday.
* Exports of Malaysian palm oil products for Aug 1-20 rose 9.1% to 728,165 tonnes from the same period in July, cargo surveyor Intertek Testing Services said on Saturday, while independent inspection company AmSpec Agri Malaysia reported a 3.8% drop.
* Palm oil may retest a resistance at 4,269 ringgit per tonne, a break above which could lead to a gain to 4,452 ringgit, Reuters technical analyst Wang Tao said.
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 | 0.00 0.00 | -510.00 -0.47% |
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 | 0.00 0.00 | 0.00 0.00% |
SUGAR #11 WORLD | 16.34 | 16.52 16.33 | -0.14 -0.85% |
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 |
---|