Palm retreats from record high, supply fears cap losses

News Image

MG News | October 07, 2021 at 09:52 AM GMT+05:00

October 7, 2021: Malaysian palm oil futures fell more than 1% on Thursday after a three-session rally, although fears of tight supply kept prices near record highs scaled in the previous session.

The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange slid 59 ringgit, or 1.21%, to 4,813 ringgit ($1,151.99) a tonne in early trade, also taking cues from overnight losses in rival soyoil and crude.

FUNDAMENTALS

* The Malaysian Palm Oil Association estimated September production fell 1.44% from the month before to 1.68 million tonnes, traders said on Thursday. A Reuters poll had pegged production to rise 2.8% to 1.75 million tonnes.

* Oil prices dropped for a second session, under pressure from an unexpected rise in U.S. crude stocks that raised concerns over demand after prices rallied to multi-year highs.

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

* Soyoil prices on the Chicago Board of Trade were up 0.6%, after declining 1.3% in the previous session. The Dalian exchange is closed for a public holiday and will reopen on Friday.

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

MARKET NEWS

* Asian shares rallied on Thursday, taking heart from a late recovery on Wall Street after U.S. politicians appeared near to a temporary deal to avert a federal debt default and as Russia reassured Europe on gas supplies, calming volatile markets.

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 60,200.00 62,405.00
60,185.00
-315.00
-0.52%
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 05, 2026 at 11:34 PM GMT+05:00

Govt cuts petrol by Rs4/litre, HSD umchanged


June 05, 2026 at 05:01 PM GMT+05:00

PSX Closing Bell: A Quiet Exit for Bulls


June 05, 2026 at 04:45 PM GMT+05:00

Policy uncertainty eases slightly in May


June 05, 2026 at 04:18 PM GMT+05:00

Telenor might sell its Easypaisa stake



Top 5 things to watch in this week

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