Palm rallies for third day on strength in related oils, sluggish ringgit

News Image

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 170,478.94
174.95M
-0.41%
-696.57
ALLSHR 102,885.54
725.60M
-0.29%
-297.60
KSE30 50,877.61
79.52M
-0.67%
-344.88
KMI30 243,917.86
73.26M
-0.62%
-1524.88
KMIALLSHR 66,743.35
311.96M
-0.35%
-234.16
BKTi 46,317.47
21.24M
-0.81%
-377.00
OGTi 35,218.63
5.39M
-1.33%
-473.03
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 61,655.00 62,405.00
59,600.00
1140.00
1.88%
BRENT CRUDE 92.78 95.90
92.67
-2.25
-2.37%
RICHARDS BAY COAL MONTHLY 122.00 122.00
121.00
-0.75
-0.61%
ROTTERDAM COAL MONTHLY 134.35 138.25
134.00
0.30
0.22%
USD RBD PALM OLEIN 1,157.50 1,157.50
1,157.50
0.00
0.00%
CRUDE OIL - WTI 90.25 93.63
89.68
-2.79
-3.00%
SUGAR #11 WORLD 14.12 14.50
14.09
-0.15
-1.05%

Chart of the Day


Latest News
June 06, 2026 at 11:36 PM GMT+05:00

Bitcoin falls below $61,000 after $18,000 drop in 10 days


June 06, 2026 at 07:54 PM GMT+05:00

One jobs number crashed everything


June 06, 2026 at 05:46 PM GMT+05:00

Weekly Market Roundup



Top 5 things to watch in this week

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